Australian Market Notably Higher

(RTTNews) - The Australian stock market is trading notably higher on Tuesday, snapping a three-session losing streak, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving up to near the 7,400 level, with gains across all sectors led by gold miners and technology stocks as some traders picked stocks at a bargain after the recent slump in the markets.

The benchmark S&P/ASX 200 Index is gaining 33.10 points or 0.45 percent to 7,376.40, after touching a high of 7,401.00 earlier. The broader All Ordinaries Index is up 32.80 points or 0.44 percent to 7,557.10. Australian stocks closed sharply lower on Monday.

Among the major miners, BHP Group is gaining more than 1 percent and Fortescue Metals is advancing 1.5 percent, while Rio Tinto and Mineral Resources are edging up 0.4 to 0.5 percent each.

Oil stocks are mostly higher. Beach energy and Santos are adding almost 2 percent each, while Woodside Energy is gaining almost 1 percent. Origin Energy is losing more than 1 percent.

Among tech stocks, Afterpay owner Block is soaring more than 11 percent, Zip is skyrocketing more than 13 percent and Appen is surging more than 7 percent, while Xero and WiseTech Global are adding more than 2 percent each.

Gold miners are mostly higher. Evolution Mining is gaining more than 3 percent, Northern Star resources is up more than 1 percent, Resolute Mining is advancing 2.5 percent, Gold Road Resources is rising almost 3 percent and Newmont is adding almost 2 percent.

Among the big four banks, Commonwealth Bank and Westpac are adding more than 1 percent each, while ANZ Banking and National Australia Bank are gaining almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.601 on Tuesday.

On Wall Street, stocks saw substantial volatility over the course of the trading day on Monday following the nosedive seen over the two previous sessions. The major averages spent the day swinging back and forth across the unchanged line before eventually closing mixed.

While the tech-heavy Nasdaq inched up 15.48 points or 0.1 percent to 15,603.26 after plummeting by more than 5 percent in early trading, the S&P 500 dipped 11.83 points or 0.2 percent to 5,062.25 and the Dow slid 349.26 points or 0.9 percent to 37,965.60.

Meanwhile, the major European markets showed significant moves to the downside. While the French CAC 40 Index plunged by 4.8 percent, the U.K.'s FTSE 100 Index tumbled by 4.4 percent and the German DAX Index slumped by 4.1 percent.

Crude oil prices tumbled again on Monday, extending the nosedive seen over the two previous sessions over tariff concerns. After plummeting nearly $10 a barrel last Thursday and Friday, West Texas Intermediate crude for May delivery dropped $1.29 or 2.1 percent to $60.70 a barrel.