The Australian share market opened lower after receiving negative leads from overseas over the weekend. Last week, Wall Street fell for four consecutive days and most metals and oil prices were lower.
The Australian stock market opened higher this morning after Wall Street returned to gains on better-than-expected corporate earnings and encouraging economic data.
The Australian stocks market opened higher for a fourth straight day led by financial sector. The benchmark ASX 200 share index was up 0.36 per cent while the broader All Ordinaries increased 0.26 per cent in early trade.
The Australian stocks market on Tuesday extended gains as Dow Jones index hit a two-month high due to strong US new home sales and corporate earnings.
Shortly after the opening bell, the S&P/ASX200 Index rose 0.74 per cent, and the broader All Ordinaries Index was up 0.7 per cent.
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Wall Street ended lower in light trading on Friday as reports showed weak consumer sentiment in August and an unexpected decline in July retail sales. The weak reports prompted investors to lock in gains from the recent rally.
Wall Street finished slightly lower overnight after the US stocks hit a fresh high on Friday. Investors locked in profits ahead of economic data due to release this week, including monthly retail sales figures and the Federal Reserve's statement on interest rates and the economy.
