Tech stocks spearheaded a second day of gains and silver mania subsided as repair-work continued on the ASX.
The S&P/ASX 200 climbed 87 points or 1.3 per cent by mid-session. The rally followed a strong rebound on Wall Street as volatility eased on financial markets after a week of ructions.
Technology, industrial and energy stocks led the advance, with support from the big banks and miners. A speculative Reddit-inspired rush into silver stocks stuttered as precious metals declined.
What’s driving the market
US stocks rebounded overnight as investors appeared to become more comfortable with the speculative retail mania that caused last week’s severe price dislocations. The S&P 500 jumped 1.61 per cent. Strong gains in tech stocks ahead of earnings updates lifted the Nasdaq Composite 2.55 per cent.
“The equity market cognoscenti outside of the Reddit-obsessed retail community appear to have decided over…