Trading Day: ASX ends 0.5% higher, bolstered by resource stocks BHP and Rio Tinto

Stocks finish up 0.5 per cent, led by mining heavyweights BHP, Rio Tinto and Fortescue Metals. China's market rallied as government sought to calm investor jitters.

The ASX 200 had ended lower on Wednesday after Sydney’s lockdown was extended. Picture: AAP

Australian stocks closed up 0.5 per cent as miners including BHP and Rio Tinto found strong support among investors. The gains followed a mixed session on Wall Street after Federal Reserve hints it is getting closer to curtailing its asset-purchasing program. BHP and Rio Tinto hit record highs of $54.10 and $137.33, respectively, in the morning. Fortescue also touched a record high of $26.58.

The Australian share market closed higher as investors sough mining stocks. Fortescue Metals flagged a bumper payout to shareholders and Andrew Forrest after finishing June with $9.4bn in the bank. The Dow closed down 0.4 per cent, the S&P 500 index fell less than 0.1 per cent and the Nasdaq climbed 0.7 per cent. European stocks rose ahead of the Fed announcement.