ASX follows Wall Street rebound in early trade
Updated
The ASX has followed Wall Street's lead and rebounded 1.2 per cent in early trade.
After a wild night where key US stocks swung from red to black over a 5 per cent range, the benchmark S&P500 index ended the session up 1.7 per cent.
All key sectors showed gains, with miners and healthcare stocks leading the way up, more than 2 per cent.
Banks and financial were up 1.2 per cent, demand for energy companies and telco remained muted.
Key stocks:
- CBA +0.3pc
- Westpac +0.9pc
- BHP +2pc
- Woolworths +0.4pc
- Telstra +0.7pc
While the rebound has a semblance of calm as bargain hunters move in, a pall of fear hangs over the market.
Wall Street's VIX index — or "fear index" — retraced around 20 per cent overnight, but still indicates investors are looking to cut their risk in coming weeks, which would drive equity markets down again.
The early gains added around $24 billion to the ASX, which shed more than $90 billion in the previous two days.
Overall, global markets have dropped around $US4 trillion in value in the past week and half.
First posted
