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

A US army Blackhawk helicopter at Williamson airfied in the Shoalwater Bay in Rockhampton, Queensland. Ian Hitchcock/Getty Images

Australian shares closed higher.

Today’s scoreboard:

  • ASX 200: 5,736.80 +62.97 +1.11%
  • All Ordinaries: 5,779.10 +61.41 +1.07%
  • AUD/USD: 0.7709 +0.0029 +0.38%

The local market benefited from Federal Reserve chair Janet Yellen’s comments to US Congress overnight, which appeared to mean there’s no need for further interest rate rises this year.

The rises were across the board, with blood products group CSL up 2.8% to $132.76.

Westpac added 1.8% to close at $31.30 and the Commonwealth 0.5% to $82.56. The AMP was up 1.3% to $5.24.

Treasury Wine Estates jumped 4.4% to $12.89 after a glowing report from a broker on the company’s prospects in China.

Top stories:

1. The property industry sees a slowdown coming. The latest ANZ-Australian Property Council survey was released today.

2. A massive $35 million startup hub in downtown Sydney. The Sydney Startup Hub will cover 17,000 square metres — roughly the size of the Sydney Cricket Ground — in 11-31 York Street.

3. Venture capital invested in Australian startups is booming. It hit a near-record $230 million in the June quarter, according to the Venture Pulse report by KPMG.

4. The Australian suburbs where house prices are about to take off. National Australia Bank’s quarterly index for residential property has been released for the 3 months to the end of June.

5. How Google funding reaches into Australia’s policy debate. Google’s funding of academic research, which helps the multinational technology giant gain influence in setting public policy, extends into Australia.

6. Millennials doing it tough. They aren’t as wealthy as Boomers or Gen-Xers were at the same stage of their lives.

7. Freelancer’s user base just surpassed Australia’s population. The Australian labour exchange platform this week celebrated reaching 24.64 million users.

8. Australia might be getting its own space agency. Science and industry minister senator Arthur Sinodinos announced the review into the nation’s space capabilities led by former CSIRO boss Dr Megan Clark.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.