ASX 200 extends gains for fourth day as miners rally; GDP jumps 3.4pc; oil hits new highs

ASX 200 extends gains for fourth day, closing up 0.3 per cent after GDP jumps in fourth quarter as US futures turn up, damping negative offshore leads. Oil prices spike.

Nervous investor sentiment is hitting global markets. Picture: Jeremy Piper.

Welcome to the Trading Day blog for Wednesday, March 2. ASX 200 extends gains for fourth day, up 0.3 per cent after GDP jumps 3.4 per cent in December quarter as oil prices spike. Sigma flags loss despite RATs boost. US futures turn up, damping negative offshore leads.

The S&P/ASX 200 closes 0.3 per cent higher at 7116.7, driven by commodities boom, after falling as much as 0.8 per cent to an intraday low of 7041.9 in early trade.

It comes as commodity price gains drive a surge in resources companies and US futures gains damp bearish offshore leads.

Oil prices are at multi-year highs  with Brent crude trading above $US111 a barrel, up 5.8 per cent, and WTI more than 5 per cent higher at $US109.30 amid fears over supplies of the crucial commodity.

On Wall St, the Dow Jones index closed 1.8 per cent lower, the S&P 500 index 1.6 per cent weaker and the Nasdaq declined 1.6 per cent.

Iron ore is up 3.8 per cent to $US144.45 per tonne.

Bitcoin is trading 5.6 per cent higher at $US44,014.60 at 8.25am AEDT according to live trade tracker CoinDesk.

Spot gold is 1 per cent stronger at $US1932.05/ounce.