Supporters Trump celebrate as they watch results at the United States Studies Center at the University of Sydney. Saeed Khan/AFP/Getty Images

Australian stocks ripped higher as global markets decided that Donald Trump as president of the US was a good idea.

Today’s scoreboard:

  • S&P ASX 200: 5,328.80 +172.24 +3.34%
  • All Ordinaries: 5,408.90 +170.57 +3.26%
  • AUD/USD: 0.7667 +0.0031 +0.41%

The local market joined a global rally betting that Trump policies will be good for business with lower taxes, less red tape and more spending on infrastructure.

The 1.9% of losses of yesterday were quickly made up, and passed, as the market hit its biggest one day rise in five years.

Wall Street surged overnight with the S&P500 closing 1.1% higher. The winners were industrials and pharmaceuticals.

On the ASX, the major banks and the big miners led the rally.

BHP jumped 8.2% to $24.42, Rio Tinto 8.1% to $58.13 and Fortescue 10.6% to $6.01.

BlueScope Steel closed 13.5% higher at $8.40 after saying it expects underlying earnings for the first half of the financial year to be at least $510 million.

Westpac was up 4.3% to $30.96, NAB 3.5% to $26.69, ANZ 4.2% to $27.59 and Commonwealth 3.3% to $73.26.

Treasury Wine Estate, the owner of labels including Penfolds, Wolf Blass and Wynns, added more than 7% to $10.88 after a positive outlook presented at the company’s AGM.

Gold miners reversed direction after shooting higher on uncertainty yesterday. Oceanagold was down 8% to $3.81 and Newcrest 4.4% to $24.23.

The top stories:

1. Why markets headed higher after the Trump win. He proposes to dramatically reduce income taxes to lift household and business spending. Also read: These Australian shares could do well under Trump.

2. How did they get it so wrong? Australia’s leading pollster explains why polls got it wrong on Trump’s win.

3. The co-founder of Shoes of Prey. A detailed open letter about what a Trump presidency means.

4. The way forward under a Trump presidency. We asked a handful of Australian executives to share their thoughts.

5. Trump’s tax cutting policies will be felt in Australia. Trump has said he will cut the company tax rate from 35% to 15% and pull down the top personal rate to 33%, from 39.6%.

6. Today’s rally doesn’t mean the uncertainty has ended. Here’s how Pimco sees markets and the US Fed in the year ahead under Trump.

7. ASIC investigation into a failed $20 million content deal at SurfStitch. The surf wear company today made further comment on a takeover bid by Crown Financial. SurfStitch shares added 5.7% to close at $0.185.

8. Australian-made razor-thin solar panels. The federal government has just plunged $1.6 million to help realise the dream of miniaturising solar panels into thin plastic sheets.

9. Medlab now a has licence to import cannabis into Australia. This is a critical step to a clinical trial using cannabis for patients suffering intractable cancer pain. Its shares closed 7% higher at $0.685.

10. Neighbours complain about the Sydney Opera House. They say Australia’s most famous building is ruining their sleep.

11. They’re back. After a regulator-imposed slowdown earlier this year, it’s clear that housing investors are returning to the property market.

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