The Australian Market Takes Off

The United Launch Alliance Delta 4 rocket carrying NASA’s first Orion deep space exploration craft at Cape Canaveral, Florida. Joe Raedle/Getty Images

The Australian market surged today as resources stocks were led higher by BHP which released a positive production report.

The big miner was up almost 2% before easing back to around 1.4% at $27.88. Rio Tinto was up 2.66% to $55.12. Woodside Petroleum was firmer by almost 1% to $32.56.

The major banks were all stronger with Westpac up 1.16% to $33.27, the NAB 1.22% to $33.97, Commonwealth 1.21% to $84.51 and the ANZ 0.83% to $31.77.

The local market was supported by positive performances on markets in the US and Europe after good economic news from China. The S&P 500 closed up 0.15%.

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 research.businessinsider.com.au.