Australian shares up 105 points ahead of US holiday weekend

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Australian shares up 105 points ahead of US holiday weekend

Australian shares have gone up for a day higher after falling for three consecutive sessions, as investors wait for another rate hike by the Reserve Bank on Tuesday.

The ASX 200 was up 105 points or 1.6 per cent to 6,647 at 10: 23 am AEST.

Tech companies like Block 6.4 pc Zip 6.3 pc and Life 360 5.6 pc were the top movers in the early trade.

Magellan dropped 2.7 per cent to $12.65 and Pendal Group dropped 0.9 per cent to $4.44.

The US Treasury yield fell the most since COVID 19 hit markets in March 2020, while the global stock indexes gained on Friday ahead of the long US holiday weekend.

In 17 months, copper prices fell to their lowest in 17 months.

The stock market was lower early in the New York session, but rallied late to end higher. The US markets are closed today for the Fourth of July holiday.

Market movements can be somewhat exaggerated on Friday after a long weekend, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

In the second half of the year, he expected stock market performance to improve, according to Cardillo.

The US benchmark S&P 500, which closed out its worst first-half since 1970 on Thursday, climbed 1.1 per cent.

MSCI's world stocks index, which had its biggest decline in the first half of the year since its 1990 creation, rose 0.4 per cent.

The Dow Jones Industrial Average rose 321.83 points, or 1.05 per cent, to 31,097. The S&P 500 gained 39.95 points, or 1.06 per cent, to 3,825. The Nasdaq Composite and 33 added 99.11 points, or 0.9 per cent, to 11,127. The pan-European STOXX 600 index lost 0.02 per cent and MSCI's gauge of stocks gained 0.4 per cent.

Oil prices climbed amid supply disruptions in Libya and expected shutdowns in Norway, which offset worries that an economic slowdown could affect demand.

The price of crude oil was down by 10: 22 am AEST, trading at US 110.99 a barrel.