The ASX is near a two-year high

Getty images

Australian shares are nearing a two-year high this morning.

The ASX 200 went up past 5,850 points in early trade, a gain of more than 0.5%.

Gains were led by the big banks and miners. NAB and Westpac are the banking sector standouts, both rising by more than 0.8% in early trade.

Rio Tinto and Fortescue are both up more than 1% as iron ore prices stabilised overnight.

The buoyant mood on the Aussie share market followed a strong rise in US shares overnight. The Dow rose by 0.7% on the back of strong data, as US consumer confidence reached its highest level since 2000 and a key US house price index showed showed growth in the sector.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.