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Australia: Shares close higher on hopes for US economy

Monday, October 27, 2014 - 13:34
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[SYDNEY] Australian shares rose to a six-week high on Monday, encouraged by Wall Street's strong momentum as investors shrugged off concerns about the US Federal Reserve winding back its stimulus plan.

Financial sector stocks pulled the market higher in anticipation that the Fed will announce an end to its third round of quantitative easing - a sign the world's largest economy is recovering - in a statement at the end of the two-day Federal Open Market Committee meeting on Wednesday.

The S&P/ASX 200 index closed up 46.75 points or 0.9 per cent at 5,459.0, its highest close since Sept 15. The index has risen in nine of the past 10 sessions.

New Zealand's benchmark NZX 50 index added 0.8 per cent or 41.0 points to finish the session at 5333.83.

REUTERS