STOCKS RALLY: Here's what you need to know

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The Australian market rallied, following a strong lead from Wall Street and investors looking for bargains, with the banks and the resources stocks returning strongly after almost two weeks underwater.

  • S&P ASX 200: 5,556.70 +78.07 +1.42%
  • All Ordinaries: 5,562.60 +76.61 +1.40%
  • AUD/USD: 0.7761 +0.0023 +0.30%

On Wall St, the S&P 500 closed up 1.2%. On the local market, nine out of ten sectors were stronger, making it the best one day rally in about seven weeks.

Among resources stocks, Santos was up 2.48% to $8.27 and Oil Search 4.44% to $7.76. BHP was up 2.06% to $28.23 and Rio Tinto 2.52% to $57.48. Fortescue Metals was up 6.4% to $2.48.

The big banks made up lost ground with Westpac 1.95% higher at $31.97, the Commonwealth 1.88% to $81.41, the NAB 2.14% to $32.51 and the ANZ 2.32% to $31.81.

The top stories Thursday:

1. Jobs numbers smash expectations. Australia’s employment report for May was better than expected. The dollar soared on the news.

2. Print company in the money again. Shares in PMP, hard hit by a fall in old-world printing, jumped after the company said it will be making a return to paying dividends.

3. This one stat from today’s jobs data shows Australia’s economic transition is on track. An impossibly strong increase in jobs of 42,038 for May.

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