Market Update: The S&P/ASX 200 surged 1.4% to 5,168pts following a rally in the US equity markets

Market Update: The S&P/ASX 200 surged 1.4% to 5,168pts following a rally in the US equity markets. Resources led the broad base rally with BHP jumping 2.1% and RIO up 1.7%. All major banks were higher between 0.8% and 1.5%. Wotif.com dropped another 9.8% on top of yesterday's 31.8% plunge. The AUD fell through US$0.89 to be trading at US$0.8840. The SPI was up 1.4% at 5,137 points on the Sydney Futures Exchange.