Market Update: The S&P/ASX200 was up 0.8% at 5,350 points on the back of a positive finish in the US equity markets overnight

Market Update: The S&P/ASX200 was up 0.8% at 5,350 points on the back of a positive finish in the US equity markets overnight. All the major banks were higher between 0.1% to 0.9%. Resources were mixed with BHP climbing 1.2% but RIO falling 0.6% even though it reported a better than expected full year result. The AUD recovered a little from yesterday's drop but still below USD 0.90. It is currently trading at USD 0.8997. The SPI was up 0.8% at 5,303 points on the Sydney Futures Exchange.