Shares rise almost 6 per cent
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Market up: Investors watch the boards at the Australian Stock Exchange (AAP: File photo)
Australian shares are up nearly six per cent following Wall Street's record rise overnight.
The Dow Jones index rose 11 per cent and massive bank rescue packages across the globe saw the Australian market open with an upward surge.
A short time ago, the All Ordinaries index was up 5.8 per cent, gaining 255 points to 4,395. The ASX 200 was also up 5.8 per cent, up 253 points to 4,395.
The banks have been among the best performers, with 9 per cent increases for yesterday's best performer, ANZ, and the National Australia Bank.
A rise in the price of oil has boosted energy stocks and resources are also higher.
BHP Billiton has increased by 5.5 per cent to $31.65.
The Australian dollar also gained against the greenback, buying around 70.6 US cents.
Asian stocks also rose in value, with Japan's market gaining more than 10 percent in the first hour of trading.
