KEY POINTS:
The Australian share market closed today almost one and half per cent higher, buoyed by local resource and financial stocks and a strong lead from Wall Street overnight.
The benchmark S&P/ASX200 index closed up 92.8 points, or 1.43 per cent, to 6600.9 and the All Ordinaries gained 92.1 points to 6660.5.
At 1615 AEDT, on the Sydney Futures Exchange, the December share price index contract was 62 points higher at 6619, on a volume of 20,325 contracts.
ABN Amro Morgans private client adviser Bill Bishop said the market had a good day overall.
"We had a very strong lead from Wall Street overnight and our market was up over 100 points at one stage," he said.
"The banks closed up, with just Westpac and Bendigo off a touch, and it was a huge day for Leighton Holdings ... they just can't get enough of it.
"BHP Billiton and Rio Tinto did well. Woodside and Santos also were up strongly and the oil price jumped a little last night.
"So the heavyweight resources are back in the box seat."
Mr Bishop said residual nervousness in the local market still persisted.
"The market wants to go up but it's looking over its shoulder all the time at the rocky credit market.
"That monster is only tied up in its cave on a very frayed bit of rope. It can jump out at any time."
BHP closed up 68 cents or 1.59 per cent to $43.38 and Rio Tinto rose 92 cents to $144.74.
Major US stock indices rose more than one per cent overnight, after strong economic data calmed recession fears and helped halt a two-day sell-off.
The data, including a report that showed unexpected vigour in the job market, stoked expectations for corporate spending and sparked a robust recovery in technology shares. Bellwethers Microsoft Corp and Apple Inc drove the Nasdaq higher.
Most of the big banks closed stronger, with Commonwealth Bank up 83 cents to $60.37, ANZ up 38 cents to $28.12 and National Australia Bank 16 cents higher to $39.06.
Westpac lost eight cents to $28.30 and Bendigo Bank fell seven cents to $15.72.
Bank of Queensland added one cent to $17.71 after it reported strong first quarter growth while admitting that, like other banks, its margins were under pressure.
Telstra closed up seven cents to $4.69 and its instalment receipts lifted six cents to $3.15.
Media stock News Corp gained three cents to $24.40, while its non-voting scrip lost three cents to $23.54.
Fairfax had added seven cents to $4.77, Seven lifted 20 cents to $13.60 and Ten grew six cents to $2.80.
Consolidated Media Holdings, the media assets of the recently demerged Publishing and Broadcasting, added eight cents to $4.18 on a deferred settlement basis.
Crown Ltd closed up 10 cents to $13.46.
At 1646 AEDT, the spot price of gold was US$791.40 per fine ounce, down US$13.10 after closing yesterday at US$804.50.
Newmont closed down three cents to $5.72, Lihir Gold was off three cents to $3.74, but Newcrest lifted 52 cents to $32.52.
Leighton Holdings Ltd added $1.81 to $64.50.
The retailers closed stronger, with Wesfarmers up 65 cents to $43.00, Woolworths adding 40 cents to $34.54 and David Jones up 11 cents, or 2.16 per cent, to $5.21.
The top traded stock was Retail Star, with 128.4 million shares trading worth $2.7 million.
The company's share price was down 0.3 cents to two cents.
Preliminary market turnover was 2.12 billion shares worth $6.76 billion, with 795 higher, 479 lower and 360 unchanged.
- AAP