Strong reports on the US housing market and durable goods orders propelled stocks higher on Wednesday, with the much-watched Dow index reaching its highest level in more than five years.
The Australian share market has closed lower but pared back earlier heavy falls.There were losses among the miners and big banks as investors took profits after recent gains.
The Australian sharemarket has opened almost 1.5 per cent weaker as former Italian prime minister Silvio Berlusconi's strong electoral showing sparked fears of eurozone instability.
US stocks closed sharply lower on Monday amid concerns that Silvio Berlusconi's strong showing in the Italian election could force a coalition government and spark fresh instability in the eu
The Australian dollar is three quarters of a US cent higher following Reserve Bank of Australia governor Glenn Stevens' appearance before a federal parliamentary committee.
US stocks closed lower Thursday, hit by weak data on US manufacturing and a glum turn downward in the much-watched Markit purchasing managers index that suggested more recession in the eurozone.
The Australian dollar is more than one US cent lower after speculation the US Federal Reserve could wind back its stimulus program earlier than expected caused a slide in global share markets.
Wealth manager AMP has posted another year of profit growth as the consolidation of its $4 billion purchase of AXA Asia Pacific coincides with improving financial markets.
Share market operator ASX's first half profit has fallen by 2.5 per cent due to lower investor activity in the first three months of the 2012/13 financial year.
US stocks have piled up losses after Federal Reserve minutes showed divisions over asset purchases, with some officials suggesting to wind them down before the jobs market picks up.
The Australian dollar is stronger against the greenback after statements from New Zealand's central bank led currency traders to move their money across the Tasman.
