STOCKS SURGE: Here's what you need to know

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The Australian market surged, recovering the combined losses of Wednesday and Thursday’s sessions, as investors looked for bargains.

Here’s the scoreboard:

  • S&P ASX 200: 5,777.20 +64.10 +1.12%
  • All Ordinaries:5,774.90 +60.30 +1.06%
  • AUD/USD: 0.7670 +0.0022 +0.29%

On Wall St, the S&P 500 closed down 0.1%. On the local market, all ten sectors closed higher.

Financial stocks were the main support for the ASX 200 index. The Commonwealth closed 1.9% higher at $85.09, the NAB 2.63% to $34.32, the ANZ 1.44% to $33.19 and Westpac 1.33% to $33.56.

Energy stocks ran high with Origin Energy up 3.82% to $13.31, LNG 2.96% to $4.18 and Oil Search 1.88% to $7.60.

The top stories for Friday:

1. Private sector credit slows in April despite another surge in lending for housing investment.

2. Australian business is prepared to stuff the economy to protect short-term profit. Companies are sitting on their hands watching the economy deteriorate.

3. BBY road bumps. The process of transferring frozen trading accounts out of failed stockbroker BBY has hit a wall in a dispute with an internet provider.

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