Market update: The S&P/ASX 200 rose 0.5% to 5,320 points following a rebound in the US equity markets last night

Market update: The S&P/ASX 200 rose 0.5% to 5,320 points following a rebound in the US equity markets last night. Resources led the rally with BHP gaining 0.8% and RIO rising 0.6%. Gold miners recovered slightly from yesterday's selloff. Regis Resources climbed 4.3% and Resolute Mining added 3.6%. All the major banks were higher between 0.1% to 0.7%. Metcash dropped 10.5% after it lowered its FY14 earnings guidance. The AUD has strengthened slightly to be currently trading at USD 0.9060. The SPI was up 0.4% at 5,320 points on the Sydney Futures Exchange.