Australian stocks take off, ASX 200 above 5500

Australia’s Lucien Delfour during the Kayak (K1) Men Heats on Day 2 of the Rio 2016 Olympic Games. Jamie Squire/Getty Images

Australian stocks took off in early trade.

The market broke through the 5500 level on the ASX 200, clawing back most of the 1.1% fall of last week.

A short time ago, the index was up at 5,547.60, up 50.19 points or 0.91%. All 10 sectors were in the green.

The action was being driven by a good performance on Wall Street where the S&P 500 closed 0.9% higher on Friday.

On the ASX, the major banks were leading the charge with the NAB up almost 2% to $26.38 and the ANZ 1.8% to $25.71.

Bendigo and Adelaide Bank was up 2.7% to $9.99 after posting a 1.6% rise in cash earnings to $439.3 million, in line with expectations.

Macquarie Bank was 2.4% higher at $77.15.

BHP added 1.3% to $20.30 and Woodside Petroleum 1.6% to $27.33.

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