Great start, too bad about the finish
The sharemarket jumped out of the blocks early in the day but closed slightly weaker, weighed down by a lacklustre resources sector.
"It has been the Australian Stock Exchange's excellent adventure today, the market has really been around the world, and it has closed a touch lower than yesterday," ABN Amro Morgans private client adviser Bill Bishop said.
The ASX 200 ended the day 6.3 points lower at 4616.6 while the All Ordinaries was down 7.1 to 4562.4.
On the Sydney Futures Exchange, the December share price contract index was down 28 points to 4621 at the end of day trading.
The market followed a strong US lead to open higher as energy stocks benefited from a rising oil price. But the major resources sector, led by Rio Tinto and BHP Billiton, soon pulled the market lower.
Rio Tinto lost $1.00 to $60.70 and BHP Billiton was down 12c to $21.55.
Mr Bishop said one bright spot was the banking sector, which had been mostly well supported.
"The banks are nearly all in the green today and this is more evidence that they are financing a very very strong economy," Mr Bishop said.
NAB was up 15c to $32.60, the Commonwealth was up 7c at $41.50 and ANZ leapt 15c to $23.80.
But Westpac finished the session 1c weaker at $22.14 and St George Bank fell 11c to $29.01.
Energy stocks closed mixed, after a small bounce in the oil price, with Woodside unchanged at $33.60, Santos 10 weaker to $11.32 and Oil Search 8c higher at $3.46.
The media stocks were also varied, with News Corp up 4c to $21.25 and its non-voting stock 3c stronger at $20.27.
Kerry Packer's PBL lost 5c to $16.30 and the Seven Network was up 6c to $8.20.
Elsewhere in the news, GrainCorp closed 43c weaker at $10.65 after booking an annual net profit of $12.11 million, down 53 per cent on the prior year.
The Australian wheat exporter, AWB, grew 3c to $5.30 after telling the market it expected profits in the current financial year to be about 10 per cent above 2004-05 earnings before tax and amortisation.
In other news, Optus-owner Singapore Telecom rose 2c to $1.93 as market speculation continued over its possible takeover of AAPT, the Australian subsidiary of Telecom New Zealand.
Telecom NZ shares closed 2c lower at $5.55, whilst Optus' rival Telstra slid 5c to $4.01.
Gold stocks were mixed after the precious metal price rose after hitting 18-year record highs earlier this week. The price of gold in Sydney closed at $US491.75 per fine ounce, up US75c on Tuesday's close.
Newcrest was up 8c to $20.04, but Newmont fell 4c to $6.35 and Lihir Gold fell 8c to $2.13.
Market turnover was 1.12 billion shares worth $3.21 billion with 530 stocks rising, 485 falling and 321 unchanged.

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