Market Update: The S&P/ASX 200 opened lower on the back of a weaker close in the US equity markets and an 8.3% dive in iron ore price overnight

Market Update: The S&P/ASX 200 opened lower on the back of a weaker close in the US equity markets and an 8.3% dive in iron ore price overnight. The market has climbed back to be up 0.3% at 5,424 points led by strong financials. All major banks were up between 0.3% to 1.7%. Resources rebounded after yesterday's selloff with BHP and Fortescue, both up less than 0.1%. RIO advanced 0.9%. The AUD is trading slightly higher at USD 0.9028. The SPI was up 0.1% at 5,426 points on the Sydney Futures Exchange.