ASX 200 higher on tech gains after jobless rate falls; ASX 24 restored

Local shares rise 1.1 per cent on broad gains. Jobless rate hits 4 per cent, API proxies back Westerfarmers bid, ASIC concerned over ASX24 outage and US hikes cash rate.

A view of the ASX building in Sydney’s CBD. Markets are expected tor remain volatile after the US raised interest rates. Picture: Gaye Gerard / NCA Newswire

Welcome to the Trading Day blog for Thursday, March 17.  The Australian market climbed after stocks rallied around the world as the US Federal Reserve raised interest rates for the first time since 2018 and Australia's jobless rate fell to 4 per cent.

The benchmark S&P/ASX 200 closed 1.1 per cent higher at 7250.8 as tech stocks rally.

In the US, the Dow Jones index closed up 1.6 per cent after the US raised interest rates by a quarter-percentage point.

The  S&P 500 index finished up 2.2 per cent and the Nasdaq index jumped 3.8 per cent after upbeat comments from  Fed chairman Jerome Powell on the US economy.

Major benchmarks in Europe also closed higher amid hopes of peace in Ukraine, while Chinese stocks soared a second day after the country pledged to stabilise prices.

Oil prices resumed gains, with crude oil up 1.2 per cent to $US96.15. Iron ore climbed 7.3 per cent to $US145.45 per tonne.

Copper rose by 2 per cent while nickel slid 5 per cent to its lower limit after trading was suspended for a week.