Australian stocks buoyed by Wall Street gains

Business Materials 29 October 2008 03:37 (UTC +04:00)

A big bounce on Wall Street saw Australian stocks elevate on the opening bell Wednesday, halting a five-day losing streak that had taken the market to a four-year low, dpa reported.

A US-inspired rally had been expected after the blue-chip Dow Jones Industrial Average, following strong stock gains in Europe and Asia, posted its second-largest point gain in history.

The ASX 200 quickly rose 154 points, or 4 per cent, to 3,948, but there was doubt that the rally could be sustained because investors were still waiting for the bottom of the market.

"Everybody's saying there's good value around the market, but good value is only good for the day," Intersuisse analyst Andrew Sekely said. "It might be even better value tomorrow."