Australian Stocks Rallied Today Following The Fed Decision

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The Australian market took off today after two sessions of flat trading.

Investors liked the news of an end to monetary easing with a continuation of low interests rates in the US.

Wall Street saw some volatility after the US Fed’s announcement, with the S&P 500 index closing down by 0.1%.

In Australia, the market got off to a slow start but soon moved into positive territory, with the S&P/ASX 200 closing up 0.52% to 5,476.20.

The banks were generally firmer with Westpac up 0.85% to $34.46 and ANZ up 0.88% to $33.22.

Among the miners, Rio Tinto was down 0.77% to $59.19 and BHP 0.8% to $33.51.

Investors applauded Coca-Cola Amatil’s news that Coke in the US is putting in US $500 million to further develop the market in Indonesia witht eh Australian company. Shares were up more than 4% to $9.05.

Wesfarmers shares were up more than 1% to $43.86 after it announced improved sales at Coles and Bunnings.

Shares in Echo Entertainment jumped more than 5% to $3.73 after the Casino operator said revenue rose 27% to $762 million in the first 17 weeks of the financial year.

In the region, the Nikkei was up 0.65% but Hong Kong’s Hang Seng was down 0.46%.

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