Australian stocks rocket on Wall Street's lead
Australian stocks rocketed at the bell Tuesday in response to Wall Street registering its biggest one-day point gain on record, reports dpa.
In early trading, the ASX 200 gained 243 points, or 5.8 per cent, to 4,423.
The lift came ahead of an economic stimulus package expected to be worth 5 billion Australian dollars (3.5 billion US dollars).
The government is to draw down its 21-billion-Australian-dollar surplus to try to stave off a sharp slowdown in the domestic economy.
"I believe that the purpose of having a surplus is to make sure you've got a buffer for the tough times - and the tough times have come," Prime Minister Kevin Rudd said just hours before the announcement of the package.