IN another wild swing that extended the volatile start to the financial year, the stockmarket rebounded to sit 1.1 per cent higher after fresh data pointed to a strengthening US economy.
Materials and energy stocks led the recovery from heavy losses posted in the previous session, as most markets across Asia recorded gains and China's Shanghai Composite staged a modest comeback after a dismal few weeks.
The benchmark S&P/ASX 200 index lifted 1.07 per cent to 4794.7 points, while the broader All Ordinaries index was 1.13 per cent stronger at 4781 points.
The gains came after the local market see-sawed almost 1.9 per cent into the red on Wednesday.
CMC Markets sales trader Betty Lam said the absence of economic data from China saw traders take stock and focus domestically. "There is no real driving force behind the renewed love for the ASX 200 other than traders correcting themselves following yesterday's knee-jerk reaction to China's soft numbers," Ms Lam said.
