Australian stocks take off again

Diogo Ferreira, Gyorgy Sandor and Alex Grant of the Perth Glory celebrate winning the round five A-League match against Melbourne Victory. Paul Kane/Getty Images

Australia stocks were ripping higher for the second day in a row.

A short time ago, the ASX 200 was at 5,112.30, up 83.85 points or 1.67%.

Investors followed Wall Street where stocks rallied after suggestions further interest rate rises will be gradual. The S&P 500 closed 1.5% higher.

On the local market, all ten sectors were stronger, adding to yesterday’s 2.42% rise.

The major banks and financial stocks were leading the pack. The ANZ was up more than 2% to $26.53.

BHP was slightly weaker at $17.07, down 0.6%, but Rio Tinto was up more than 2% to $43.92.

Energy stocks suffered from a drop in the price of oil. Santos was down 0.7% to $3.425 and Woodside Petroleum 0.4% to $26.94.

But Caltex jumped more than 11% to $38.30 on an improved full year profit outlook of between $560 million to $580.

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