AUSTRALIAN STOCKS JUMP: What you need to know

Olympian Stephanie Talbot poses during the Australian Olympic Games official uniform launch. Brendon Thorne/Getty Images)

Australian stocks closed higher.

Here’s the scoreboard:

  • S&P ASX 200: 5,188.80 +51.74 +1.01%
  • All Ordinaries: 5,254.70 +49.76 +0.96%
  • AUD/USD: 0.7792 +0.0043 +0.55%

The ASX 200 smashed through the 5200 point barrier as mining stocks surged on the back of a recovery in oil prices and a positive session on Wall Street where the S&P 500 index closed 0.7% higher.

By the close the index had dropped again but still ended the session higher, further narrowing losses since the start of the year to just 2%.

Resources stocks led the local rally with BHP up 5% to $19.67, a five month high. Rio Tinto added 3.8% to $49.29 and Fortescue Metals 6.7% to $3.32.

The major banks followed with the NAB up 2.4% to $27.19.

Qantas dropped another 4% today to close at $3.47, adding to the 10% fall of yesterday after the airline cut its seat capacity forecasts.

The top stories Tuesday:

1. The Kidman empire. The biggest cattle business in Australia is ready to sell to China.

2. The dollar blues. The RBA’s minutes suggest it is relaxed about the strong Australian dollar.

3. How to cut the corporate tax rate? Recovering billions in tax dollars from multinationals.

4. The election. Here’s what you need to know about a double dissolution election.

5. Hitting the bottom. Australian residential mortgage arrears have reached their lowest in 11 years.

6. The final opening. The last day of trading for Dick Smith retail stores is May 3.

7. Internet Australia. Australia’s peak internet body says we should ditch Malcolm Turnbull’s key NBN strategy

8. Green and gold lycra. Australia’s competition uniforms for the Rio Olympics have been unveiled.