ASX 200 up .8% at 5-day high as iron ore futures surge on China stimulus hope

The S&P/ASX 200 closed up 0.8% at a 5-day high, driven by miners as iron ore futures jump 10% on China stimulus hopes. Banks recovered.

The Australian share market is hoping to recover after yesterday’s loss. Picture: AAP Image/Joel Carrett.

Welcome to the Trading Day blog for Tuesday, November 23. The S&P/ASX 200 closed up 0.8 per cent at a 5-day high, underpinned by heavyweight resources and banks. Iron ore futures jumped 10% on China stimulus hope. Life360 is buying Tile, Northern Star has announced a new power play and KKR's got the nod for its Colonial First State deal.

The ASX 200 index closed up 0.8 per cent at 5-day high of 7410.

The Dow Jones Industrial Average closed up 0.1 per cent, but the S&P 500 fell 0.3 per cent and tech-heavy Nasdaq sank 1.3 per cent as bond yields jumped as Jerome Powell was reappointed as Fed chair.

Iron ore futures rose 10 per cent to a 3-week high of $US104.60 a tonne.

US Nymex crude price fell 0.8 per cent to $US76.14 a barrel before expected strategic oil reserve releases by the US and some other nations including China.