Shares up almost 1% after Wall St gains

Shares on the Australian market have climbed close to 1.0 per cent at the open following a positive lead from Wall Street on hopes of more economic stimulus in the US.

The S&P/ASX200 benchmark index was higher by 50.7 points, or 0.85 per cent, at 5995.2 points after the first 15 minutes of trade on Tuesday.

The All Ordinaries index was 55.7 points, or 0.92 per cent higher, at 6113.7.

The information technology sector soared by 2.47 per cent, while consumer discretionary was next best at 1.47 per cent.

Energy and industrials were higher by 1.37 per cent.

Overnight on Wall Street, the Dow rose 0.59 per cent, the S&P 500 gained 0.65 per cent and the Nasdaq climbed 1.11 per cent.

Investors there were clinging to hopes for more stimulus after US House of Representatives Democrats last week unveiled a $US1.5 trillion infrastructure bill while reports also emerged of preparations by the Trump administration for an infrastructure stimulus plan.

The virus remains prevalent, however, with a dozen states in the US reporting record increases in new cases.

The Australian dollar rose amid broad US dollar weakness against a basket of currencies and was buying 69.27 US cents at 1015 AEST, up from 68.58 US cents at the close of trade on Monday.

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