Australian share market finishes in the green after wild multi-billion-dollar swings
The Australian share market has defied all odds this afternoon, finishing 3.1 per cent higher after a wild early swing saw it instantly wipe $66 billion shortly after opening.
The benchmark S&P/ASX200 index closed up 179 points, or 3.11 per cent, at 5,939.6 points - despite plunging 3.8 per cent just after it opened.
Mammoth losses were replaced with mammoth gains as "Mum and Dad" investors moved to purchase shares at what is a perceived low point of the market.
The ASX200 finished in the green after a heavy dip early this morning. Google Finance
Commsec, the nation's largest share broker, is tipped to record it's second largest day by volume today.
The Aussie dollar was buying 65.62 US cents, up from 65.46 US cents at the market close on Monday.
Wild market swings come as Australia's PM Scott Morrison talked down the economic impact of the coronavirus crisis.
A man stands in front of digital market boards at the Australian Stock Exchange (ASX) in Sydney, Monday, March 2, 2020. The Australian share market spiralled nearly 2.5 per cent lower as the deadly coronavirus spreads across the planet and stifles trading prospects. (AAP Image/Joel Carrett) NO ARCHIVING AAP
The government is putting the final touches on a stimulus package, expected to be worth as much as $10 billion.
Mr Morrison told business leaders on Tuesday this would be proportionate, targeted, scalable and temporary.
He said the coalition had learned from Labor's response to the global financial crisis, which included large infrastructure projects and other measures that stayed on the books for years.
"The measures must be temporary and accompanied by a fiscal exit strategy," Mr Morrison said of his own plans.
The Federal Government is readying a stimulus package to combat the impacts of coronavirus. AAP
"They cannot be baked into the bottom line for years to come, keeping the budget under water."
Health Minister Greg Hunt described the epidemic as a once-in-50-year challenge.
Now was the moment of pressure, but it would pass.
"The advice on the scientific front that it is far more likely than not that people can only contract this once means that this is a limited duration," he told reporters in Sydney.
Tips for self-isolation as the coronavirus spreads. Nine
The number of COVID-19 cases in Australia has passed 100, with Federal Health Minister Greg Hunt doling out optimism by telling investors approximately half of those have already recovered from the virus.
- With additional reporting by AAP
Share a tip-off, video or photo with us
