S&P/ASX 200 rises 3.89%; marks best daily gain in over two months

S&P/ASX 200 (INDEXASX:XJO) snapped its three-session slump by closing 3.89% higher at 5942 following a striking rebound by the US equity markets on Monday.

The good news kept coming with futures contracts tied to US stock indices currently trading higher after a Bloomberg report said President Donald Trumps administration is preparing a $1 trillion infrastructure proposal.

Dow Jones Industrial Average futures rose 503 points, suggesting an open gain of more than 550 points when regular trading resumes today.

The Bloomberg report said the US would set aside a majority of the money for traditional infrastructure such as roads and bridges, though funds would also be reserved for 5G wireless infrastructure and rural broadband.

Positive signs of recovery in Australia

The Bureau of Statistics reports that Australian home prices increased by 1.6% in the March quarter to stand 7.4% higher over the year – the strongest annual growth rate in 2½ years.

The total value of residential dwellings was at a record high $7,237.1 billion in the March quarter.

According to the CBA Group economists, “We are seeing some big changes taking place in household spending that provide early signs of stabilisation and recovery in some parts of the Australian economy, largely driven by changes in government policy.”

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) today lifted its forecast for Australian farm exports by 9.3% to $47 billion in 2019/20 (from a previously forecast $43 billion in March).

Meat and live animal exports for 2019/20 are estimated to hit record highs of $17.5 billion, up by 13.1% from a year ago.

Top gainers

Top gainers on the ASX today include Cape Lambert Resources Limited (ASX:CFE) (+50.00%), Mali Lithium Ltd (ASX:MLL) (+9.37%), Yandal Resources Ltd (ASX:YRL) (+9.09%), Kin Mining NL (ASX:KIN) (+9.09%), Musgrave Minerals Ltd (ASX:MGV) (+10.26%), Talisman Mining Ltd (ASX:TLM) (+13.04%), Xtek Ltd (ASX:XTE) (+11.71%), Canyon Resources Ltd (ASX:CAY) (+13.33%), Artemis Resources Ltd (ASX:ARV) (+11.11%) and Apollo Minerals Limited (ASX:AON) (+10.34%).

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