Aust stocks open one pct stronger after Wall St 400 point gain

AAP General News (Australia)
04-06-2001
Aust stocks open one pct stronger after Wall St 400 point gain

The Australian sharemarket has surged more than one per cent at the opening, following
on from a 400 point rally on Wall St.

Overnight, the Dow Jones industrial average achieved its second largest one day point gain.

At 10.15 (AEST) on Australian markets, the all ordinaries index was up 34.5 points
to 3198.6 while the S&P/ASX200 jumped 35.3 points to 3255.8.

This came after a 20-plus point gain on the Australian market yesterday.

The all industrials index is up 58.1 points to 5490.3 and the all resources index has
picked up 14.4 points to 1453.9.

On the Sydney Futures Exchange, the June SPI 200 contract was up 40.0 points to 3281.0
on a volume of 3440 contracts.

On Wall St, positive earnings reports from Dell Computer and Alcoa were gobbled up
by investors looking for good news.

But some analysts remain cautious, saying they expect other companies to report disappointing
results in coming weeks.

At the close, the Dow Jones industrial average rocketed 402.63 points, or 4.2 per cent,
to close at 9,918.05.

The Nasdaq composite index grew 146.20 points, or 8.9 per cent, to 1,785.00 and the
Standard & Poor's 500 climbed 48.19 points, or 4.4 per cent, to 1,151.44.

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KEYWORD: AUST STOCKS OPEN (SYDNEY)

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