AUSTRALIAN STOCKS RALLY: Here's what you need to know

Franck Fife/AFP/Getty Images

Australian stocks closed higher.

Today’s scoreboard:

  • ASX 200: 5,788.10 +49.97 +0.87%
  • All Ordinaries: 5,821.10 +48.62 +0.84%
  • AUD/USD: 0.7391 +0.0016 +0.22%

The local market rallied on the final session of the week, following a strong performance on Wall Street overnight where the S&P500 closed 0.8% higher

The ASX200 ended the week 0.6% higher but was still below the key 5800 mark on he index.

Today the banks and the miners led the ASX higher.

The ANZ was up 1.1% to $28.28 and the NAB 1.1% to $30.25.

Rio Tinto added 1.7% to $62.82, BHP 1.4% to $24.07 and Fortescue Metals 1.7% to $4.75.

The top stories:

1. Why Melbourne is becoming a better international city than Sydney. Melbourne is on the move and is rising faster on the global rankings, says A.T. Kearney’s Global Cities 2017 report.

2. Another Labor government minister jailed in NSW. Ian Macdonald must spend at least seven years in prison over a coal mining licence given to a company chaired by a “mate” and former union boss.

3. One of the worst days of his life. The co-founder of failed startup incubator Pollenizer Phil Morle speaks publicly for the first time of the heartbreaking decisions that led to the shutdown of Australia’s first startup incubator.

4. Economists reckon the economy is slow. Of the 22 polled by Bloomberg, the median expectation is centred around an increase in real GDP of 0.3%, leaving year-on-year growth at just 1.6%.

5. The sweet spot for first homebuyers in NSW. Also read: Only 1 in 4 Sydney buyers will fully benefit from NSW stamp duty concessions.

6. A one in three chance that Aussie banks will need to raise more capital. The Australian Prudential Regulation Authority (APRA) is scheduled to release an information paper towards the end of this month.

7. A 90-minute train ride to Sydney’s most affordable suburb. Gosford, on the Central Coast, is 65km from Sydney’s business district and it the cheapest area for first time buyers.

8. The world’s expats just dumped Australia out of their top 10 global destinations. The way of life, the sun and the beaches ares still attractive but Australia just isn’t seen as THE spot to go to improve career prospects.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.