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SYDNEY, Australia - Australia's stock market surged Tuesday, closing nearly 6 percent higher as investors welcomed the U.S. government's bailout of Citigroup Inc. and big overnight rises on Wall Street.
The benchmark S&P/ASX200 index leaped 5.8 percent, or 198.3 points, to close at 3,623.4 The broader All Ordinaries index also jumped, closing 5.5 percent higher at 3,575.4.
IG Markets research analyst Ben Potter said eight out of 10 sectors were in the black, led by materials, energy, financials and consumer discretionary stocks. Bank shares also rose.
Australia's market followed Europe and the United States, which were buoyed by the U.S. government's plan to take a $20 billion stake in Citigroup and the announcement of U.S. President-elect Barack Obama's new economic team.
BHP Billiton, the world's biggest miner, surged 2.84 Australian dollars, or 12.2 percent, to AU$26.22, and rival Rio Tinto advanced AU$4.10, or 6.9 percent, to AU$63.90.
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