FX.co ★ Australian Market Significantly Higher

The Australian stock market saw a substantial rebound on Tuesday, recovering some losses from the previous two sessions, powered by mixed signals from Wall Street. The benchmark S&P/ASX 200 surged past the 7,800 mark, buoyed by gains in sectors such as iron ore mining, energy, and financials.

The S&P/ASX 200 Index rose by 48.90 points, or 0.63%, reaching 7,812.10, after hitting a high of 7,817.30 earlier in the session. The broader All Ordinaries Index also advanced, rising 46.70 points, or 0.58%, to 8,058.90. This uptick followed a significant decline in Australian stocks on Monday.

In the mining sector, BHP Group increased by nearly 1%, Mineral Resources advanced almost 2%, and both Rio Tinto and Fortescue Metals gained over 1%.

The energy sector showed mixed performance. Woodside Energy and Origin Energy each edged up by 0.5%, Santos added almost 1%, while Beach Energy remained flat.

Tech stocks saw varied movements. Appen rose by over 1%, WiseTech Global and Zip each increased by almost 1%, whereas Block, the owner of Afterpay, dropped more than 1%, and Xero dipped by 0.2%.

Gold mining stocks were mixed as well. Gold Road Resources declined by 0.5% and Resolute Mining fell by more than 2%, while Northern Star Resources, Newmont, and Evolution Mining showed modest gains between 0.1% and 0.4%.

Among Australia’s major banks, Commonwealth Bank and ANZ Banking climbed nearly 1% each, Westpac rose by over 1%, and National Australia Bank edged up by 0.5%.

In the currency market, the Australian dollar was trading at $0.674 on Tuesday.

Wall Street's stock indices ended mixed on Monday after a strong start. The Nasdaq and S&P 500 achieved record highs, while the Dow finished in negative territory. Early-session optimism about interest rates boosted stocks.

The Dow Jones Industrial Average dipped by 31.08 points, or 0.08%, to 39,344.79. The S&P 500 gained 5.66 points, or 0.1%, ending at 5,572.85, and the Nasdaq increased by 50.98 points, or 0.28%, to 18,403.74.

European markets also ended lower on Monday. The FTSE 100 in the U.K. decreased by 0.13%, France's CAC 40 fell by 0.63%, and Germany's DAX dipped by 0.02%.

Crude oil prices declined on Monday, following the shutdown of oil export facilities near Houston due to Hurricane Beryl. West Texas Intermediate Crude oil futures for August decreased by $0.83, or 1%, to $82.33 per barrel.