The Australian stock market closes up by 3.7%.

Posted by admin as shares stocks

Australian shares rose 3.7% on Tuesday (March 25), led by financial firms such as Macquarie Group, after an improved offer for Bear Sterns and upbeat U.S. housing data eased as worries about credit markets.?
[Lucinda Chan, Division?Director of MacQuarie Equities]:
“I think you will probably see a little bit of cautious buying?coming back into the market and that’s what we saw today, it will be a?short-term relief for a little while. I think the surprise numbers of the home?sales in the U.S. on Monday night also provided a bit of excitement in terms?of the risk appetite coming back into the market.”
The benchmark S&P/ASX 200 index rose 190.9 points to 5,318.4, based?on the latest available data, the highest closing level in nearly three weeks?and recovering from a 3.1% fall in the previous session.?
Meanwhile, at Sydney’s Exchange Square, small-time investors monitored?the market’s progress, hoping for many more days of gains.?
[David Matthew, Investor]:
“It’s good to see it up but , you know, it needs to have many days?like this because there’s probably people everywhere, my age and younger and older, that have suffered tremendously at the hands of the down-turn in the share market.”
Fellow investor Kevin Kerley couldn’t agree more. The dramatic falls on?the stock exchange have made a considerable dent in his carefully accumulated pension. ?

Duration : 0:1:34

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