US stocks have closed sharply lower in the wake of disappointing earnings reports and a 5.5 per cent plunge in Apple shares, along with dreary economic sentiment in Europe.
Australian stocks have opened firmer, with the strong start to the trading day underpinned by gains among the big four retail banks and defensive sectors.
US stocks have rallied strongly as investors took Monday's market rout as a buying opportunity.The Dow Jones Industrial Average jumped 157.58 (1.08 per cent) to 14,756.78.
Australian investors were left confused after $7 billion was wiped off the value of the sharemarket, taking the losses in two days to more than $22 billion.
The Australian market was lower at open as investors became risk averse in light of the disappointing economic data out of China and the fatal bombings in Boston.
Deadly explosions in Boston and disappointing China economic growth have rocked US stocks, sending the broad-market S&P 500 down more than 2.0 per cent.
Australian stocks have opened weaker, with the big miners leading the broader market lower after commodities prices, particularly gold, were hit hard in offshore trading.
There has been plenty of recent ammunition to feed scepticism in the bull market of 2013 - yet stocks continued to float higher, racking up solid gains for the week.
The Australian dollar has pushed higher, helped along by continued strength on share markets.At 1700 AEST, the currency was at 105.56 US cents, up from 105.21 US cents yesterday.
Mining billionaire Andrew Forrest says Australia will be left behind if efforts aren't made to make Sydney a strategic trading centre for Chinese currency.
The Australian share market has bounced back to close above the key 5,000 point mark for the first time in a month amid hopes that local interest rates will fall.
US stocks powered to new record highs on Wednesday after Federal Reserve meeting minutes suggested the Fed's easy-money policies would remain in place for a while longer.
The Australian share market has closed slightly weaker as investors sold off defensive and high yielding financial stocks after a couple of days of gains.
The RBA is painting a positive outlook for Australia's economy, despite the end of the mining investment boom nearing and the high dollar weighing on growth.
The Dow Jones Industrial Average shook off early weakness on Tuesday and pressed through to another record close, led by strong gains in tech shares Microsoft and Intel.
