The ASX is near a two-year high

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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.

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