The Australian Market Smashes The End Of The Week

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The Australian market closed up 0.54%, the fourth positive day this week.

The ASX is now up 2.65% on the week, the best week for local shares since mid-February, according to CommSec.

Today’s trading was supported by a strong profits and revenues being reported by companies in the US.

Shane Oliver, chief economist at AMP Capital, says recent falls in the share market represent a correction and not the start of a new bear market.

“October is often a month where market falls come to an end ahead of a Santa Claus rally into year end and I expect to see the same happen this year,” he says.

The banks all closed the week up with the Commonwealth Bank 0.86% higher today to $78.84 and Westpac 0.76% to $34.28.

Among miners, BHP was up 0.42% to $33.78 and Rio Tinto firmer by 0.23% to $60.01.

Investors rewarded Qantas, which told shareholders it was on track for profit, by lifting its shares 3.64% to $1.42.

The S&P/ASX 200 was up 29.07 points to 5,412.20.

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