STOCKS RALLY: Here's what you need to know

Jason Day of Australia at the World Golf Championship Cadillac Match Play at TPC Harding Park in San Francisco. Ezra Shaw/Getty Images

The Australian market rallied, on the back of mining stocks, for the final day but still closed the week 2% down over the five trading sessions.

Here’s the scoreboard:

  • S&P ASX 200: 5,814.40 +24.40 (+0.42%)
  • All Ordinaries: 5,814.40 +24.40 (+0.42%)
  • AUD/USD: 0.7898 -0.0008 (-0.10%)

In the US, the S&P 500 index closed down 1%.

On the local market, six out of ten sectors were higher, breaking a three session losing streak.

BHP was up 1.66% to $32.50, Rio Tinto 2% to $58.29 and Fortescue Metals made up some lost ground, closing up 9.22% to $2.37.

The top stories for Friday:

1. Domestic travel. Virgin Australia has reduced its losses with the gradual recovery of its domestic airline business with smaller costs and better returns per passenger.

2. Rising from the iron ore pit. Atlas Iron decided to push on with digging up iron ore.

3. The float. MYOB raised $833 million and will list on the ASX with a $2.1 billion market cap.

4. Is there another RBA leak that needs investigating?

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