By Oliver Gray
Investing.com - The S&P/ASX 200 added 104.7 points or 1.6% to 6,804 after the first hour of Wednesday’s trade, extending gains of 3.8% in the previous session and tracking a continued relief rally on Wall Street overnight as grim economic data boosted speculation of less aggressive interest rate increases, while the RBA’s 25 basis point hike in the previous session also surprised investors
ASX 200 Futures were pointing 0.1% lower.
Among stocks, Information Technology led the gains, popping 3.5% as Block Inc (ASX:SQ2) added 8.3%, Appen Ltd (ASX:APX) gained 5.7%, Megaport Ltd (ASX:MP1) lifted 6%, Link Administration Holdings Ltd (ASX:LNK) gained 7% and Brainchip Holdings Ltd (ASX:BRN) added 3.7%.
Financials were up 2.3% with Macquarie Group Ltd (ASX:MQG) up 3.7%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) adding 3%, Commonwealth Bank Of Australia (ASX:CBA) up 2.8%, National Australia Bank Ltd (ASX:NAB) gaining 2.9% and Westpac Banking Corp (ASX:WBC) up 3.5%.
Materials gained 0.9% as a falling US Dollar Index lifted commodity prices. Rio Tinto Ltd (ASX:RIO) gained 1.3%, BHP Group Ltd (ASX:BHP) lifted 0.9%, Fortescue Metals Group Ltd (ASX:FMG) gained 1.3% and Champion Iron Ltd (ASX:CIA) added 3.1%.
On the bond markets, Australia 10-Year yields were at 3.712% while United States 10-Year yields were at 3.629%.
In New Zealand, the NZX 50 added 0.9% to 11,184.6.