The Australian Market Has Surfaced From A Deep Dive

Photo: Getty/Ryan Pierse

The ASX followed Wall Street underwater today, dropping 1% on opening, then slipping deeper before ending the day just in positive territory.

The US market, reacting to weak US retail sales and heightened global growth concerns, tracked as low as 3% down overnight before the S&P 500 closed just 0.81% lower at 1,862.490.

The local market responded by bouncing down as low as 1.4% but tracking around 1.25% for a lot of the day, wiping out most of the 1.6% rise over the last two days.

But toward the end of trading, bargain hunters pushed the S&P/ASX 200 to its third positive close in a row, up just 0.18% to 5,254.90.

The big banks were all down early in the day but managed to close well with Westpac at $32.73, up 0.83%, and the NAB at $32.88, up more than 1%.

The miners were hit bad with Fortescue down more than 6% to $3.42 and BHP at $33.33, down 1.39%.

In the region the Nikkei 225 was tracking about 2.5% lower and the Hang Seng in Hong Kong light by 0.76%.

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