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Australian Market Rises

The Australian stock market is rising on Wednesday following the positive cues overnight from Wall Street amid a continued rebound by tech stocks and on higher crude oil prices.

Investors now look ahead to the U.S. Federal Reserve's monetary policy decision due later in the day, with the central bank's latest economic projections likely to attract attention.

The benchmark S&P/ASX 200 Index is adding 38.50 points or 0.65 percent to 5,933.30, after touching a high of 5,947.30 earlier. The broader All Ordinaries Index is advancing 44.20 points or 0.73 percent to 6,123.50. Australian stocks closed little changed on Tuesday.

In the tech space, Afterpay and Appen are rising more than 2 percent each and WiseTech Global is higher by more than 1 percent after their U.S. peers extended gains overnight.

In the oil sector, Oil Search is gaining more than 1 percent, Santos is higher by almost 1 percent and Woodside Petroleum is rising 0.5 percent after crude oil prices rose sharply overnight.

Among the major miners, BHP Group and Rio Tinto are advancing more than 1 percent each, while Fortescue Metals is up 0.2 percent.

Meanwhile, gold miners are lower even as gold prices edged higher overnight. Newcrest Mining is declining almost 1 percent and Evolution Mining is down 0.7 percent.

Among the big four banks, National Australia Bank, ANZ Banking and Westpac are declining in a range of 0.2 percent to 0.4 percent, while Commonwealth Bank is edging up 0.1 percent.

On the economic front, Australia will see August results for the leading economic index from Westpac Bank today.

On Wall Street, stocks moved higher during trading on Tuesday, although the Dow gave back early gains to end the session nearly unchanged. A continued rebound by technology stocks contributed to higher close on Wall Street, with big-name companies like Tesla, Netflix, Oracle and Facebook posting standout gains. Nonetheless, overall trading activity appeared somewhat subdued ahead of the Federal Reserve's monetary policy announcement on Wednesday.

The tech-heavy Nasdaq jumped 133.67 points or 1.2 percent to 11,190.32 and the S&P 500 climbed 17.66 points or 0.5 percent to 3,401.20, while the Dow inched up just 2.27 points or less than a tenth of a percent to 27,995.60 after rising by nearly 240 points in early trading.

Meanwhile, the major European markets all moved to the upside on Tuesday. While the U.K.'s FTSE 100 Index surged up by 1.3 percent, the French CAC 40 Index and the German DAX Index rose by 0.3 percent and 0.2 percent, respectively.

Crude oil futures ended sharply higher on Tuesday as news about the stoppage of energy operations in the Gulf of Mexico due to Hurricane Sally outweighed concerns about the outlook for energy demand. WTI crude for October ended up $1.02 or about 2.7% at $38.28 a barrel.

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