Wall Street's lead spurs market rally

The Australian stockmarket enjoyed a broad-based rally to close higher yesterday, buoyed by the banking and insurance sectors.
The ASX200 reversed recent falls to jump 31.8 points to 4611.9 while the All Ordinaries gained 27.4 to be 4562.2 at the close.
On the Sydney Futures Exchange, the December share price index contract lifted 22 points to 4606 on a volume of 49,121 contracts at the close of day trading.
Reynolds & Co director Markus Mueller said the local market took its lead from the US. "We're mainly following Wall Street, for a change," Mr Mueller said. "The last couple of weeks we have not necessarily done this."
The gains were generally across the board.
"We're a bit more bullish this week," he said.
Wall Street closed higher on Friday night as sliding oil prices helped boost demand for equities, while Asian markets also made strong gains yesterday.
In the local market, the big banks rallied, with the Commonwealth Bank up 43c to $40.95, ANZ 30c higher at $23.20 and Westpac 51c stronger at $22.16.
NAB gained 27c to $31.78 as it announced chief executive John Stewart had agreed to terms of a new contract whereby he stays on beyond the bank's three-year renewal program.
Other financial stocks were also stronger, with Insurance Australia Group powering ahead by 4 per cent to close 20c higher at $5.02, after Citigroup lifted its recommendation from hold to buy, as well as a generally positive reaction to news of a Malaysian acquisition.
Promina gained 12c to $4.85 and QBE Insurance lifted 3c to $19.03, while life group AMP moved up 7c to $7.55 and AXA grew 10c to $4.96.
But Macquarie Bank fell $1.25 to $66.95 on news the London Stock Exchange had rejected an unofficial takeover bid from a consortium led by the Australian investment bank.
BHP Billiton closed 12c higher at $21.92 and Rio Tinto rose 5c to $63.60, while oil and gas producer Woodside Petroleum added 18c to $36.60.
Oil Search fell 14c to $3.62 but Santos was up 6c at $11.66.
Gold miner Lihir Gold jumped 7c to $2.24 and was the top traded stock with 27.9 million shares traded for a total value of $62 million.
Newmont Mining fell 4c to $6.70 but Newcrest Mining rose 33c to $22.42, with the spot price of gold surging $US14.50 to $US535.125 per fine ounce.
In the media sector, News Corp jumped 23c to $22.23 with its non-voting scrip gaining 21c to $21.10, while Publishing and Broadcasting Ltd moved up 19c to $16.69, however Fairfax shed 1c to $3.95.
Among other blue chip stocks, Qantas pushed 8c higher to $3.75, Coles Myer gained 19c to $10.03 and Foster's rose 5c to $5.61 but Telstra sank 5c to $3.77.
Market turnover was bang on a billion shares changing hands for a total value of $2.91 billion, with 554 stocks rising, 454 falling and 358 unchanged.