The Australian Market Ends The Week With A Net Gain

Getty/Sandra Mu

The ASX opened strongly, ignoring a flat Wall Street, but ended as quietly as overseas markets.

Bargain hunters helped push the local market toward a better close with the ASX up 1.6% over the week compared to a 2.4% loss last week.

Westpac was up 1.04% to $33.07, Commonwealth up 0.62% to $76.55, ANZ 1.27% to $31.98 and NAB 0.97% to $33.20.

Among the miners, BC Iron was down 5.7% to $1.4 and Rio Tinto lighter by 0.82% to $59.40.

The market has been a see-saw all week on the back of fears surrounding weakness in Europe and a deteriorating global economy.

But at the close today, it managed four straight positive days.

In the US overnight, US S&P 500 closed marginally positive, up just 0.27% to 1862.76.

Locally, the S&P/ASX 200 closed up 0.32% to 5,271.70.

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