The ASX 200 has rocketed 2.1% to close at 5202.2 points, its biggest intraday gain since July 2.
Stocks opened up this morning, on the Fed’s overnight decision to reduce quantitative easing in the US.
They continued to climb throughout the day, with some, including our own Greg McKenna, asking if the Santa Rally had begun.
Via investing.com, here’s what happened:
As Arab Bank treasury dealer David Scutt noted this afternoon, today marks the ASX 200’s largest percentage gain since July 2 – when the market rallied 2.63% on positive US manufacturing data and the RBA’s cash rate decision – and the second largest this year.
Caltex was the biggest winner, with shares up 13.1% to $19.12 on a strong 2013 profit outlook, while Graeme Wood’s Wotif Group continued its decline, falling a further 10.9% to $2.54 on yesterday’s profit warning.
Wotif’s profit warning has wiped $347 million off its market cap so far.