STOCKS RISE AFTER CRAZY WEEK: Here's what you need to know

Holly Ferling of the Brisbane Heat at the Women’s Big Bash League season launch. Mark Kolbe/Getty Images

Australian stocks rallied today supported by rising overseas markets, including China, and by stronger iron ore and oil prices.

Here’s the scoreboard:

  • S&P ASX 200: 5,492.00 +21.03 +0.38%
  • All Ordinaries: 5,478.10 +21.76 +0.40%
  • AUD/USD: 0.7473 +0.0026 +0.36%

On Wall Street, the S&P 500 was flat but markets in Europe rallied strongly. The Stoxx 50 was up 2.8%, the FTSE 1.4% and the DAX 2.3%.

The local market rose as much as 1% before easing for the rest of the day. The ASX 200 has lost 46.29 point, or 08%, over the week.

Energy stocks and the miners benefited from a 2.6% increase in oil prices. Santos was up 1.87% to $7.62 and LNG 4.01% to $3.89.

Iron ore miners gained from a 9.9% rise in the price of the ore. Fortescue was up 1.68% to $1.815, BC Iron 5.36% to $0.295 and Grange Resources 9.09% to $0.125.

BHP added 2.98% to $26.65 and Rio Tinto 2.32% to $52.07. And the banks were marginally stronger except for NAB which closed flat, down 0.18%, to $33.07. Westpac was up 0.67% to $33.10.

The top stories Friday:

1. A sign that investor lending is slowing. The number of home loans taken out by Australians plummeted in May.

2. Chinese stocks soar again. China’s economic transition holds the key to what’s happening in Australia’s economy.

3. Iron ore blues. First down, now up again. The wild swings in Chinese stocks are now driving movements in the iron ore price.

4. The small business tax break is appears to be driving a boom in online spending. The federal government’s tax write-off of up to $20,000 for business equipment is taking hold.

5. Recruitment startup Reffind on a tear. After listing Thursday, the price kept going up. It’s 30% higher today at $0.34.

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