US stocks have dropped after Federal Reserve Chair Janet Yellen offered a rough timetable for when the central bank could raise benchmark interest rates.
The Australian dollar has regained some ground after falling more than one US cent following the Federal Reserve's announcement it would keep winding back its bond-buying program, designed to stimulate the US economy.
The Australian share market has closed higher as global markets rallied on the back of encouraging US factory production figures and relief that sanctions imposed on Russia after the Crimea vote were not too severe.
The Australian dollar is lower as the European Union and the US prepare to impose sanctions on Russia after a referendum on the fate of Crimea went ahead despite Western opposition.
Cash strapped Jacka Resources has appointed two broking firms to assess capital raising options after confirming that a friendly takeover offer from Tangiers Petroleum looks set to fail.