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Australian Market Significantly Higher

The Australian stock market is significantly higher on Tuesday after the long Easter weekend, with the benchmark S&P/ASX 200 near the 6,900 level at six-week highs, following the broadly positive cues overnight from Wall Street. The market was supported by gains in materials, financials and technology stocks. Traders are also awaiting the RBA's interest rate decision later in the day.

The benchmark S&P/ASX 200 Index is gaining 66.40 points or 0.97 percent to 6,895.10, after touching a high of 6,909.00 earlier. The broader All Ordinaries Index is up 73.70 points or 1.04 percent to 7,137.90. Australian markets were closed on Monday.

Among the major miners, Rio Tinto is adding more than 1 percent and BHP Group is gaining almost 2 percent, while Fortescue Metals and OZ Minerals are up more than 2 percent each.

Among oil stocks, Oil Search is edging down 0.1 percent and Santos is declining almost 1 percent, while Woodside Petroleum is up almost 1 percent and Origin Energy is gaining more than 1 percent.

Among the big four banks, Westpac, ANZ Banking and National Australia Bank are edging up 0.4 percent each, while Commonwealth Bank is also edging up 0.1 percent.

Among tech stocks, Afterpay is gaining almost 7 percent, Appen in edging up 0.5 percent and WiseTech Global is adding more than 4 percent.

Gold miners are higher, with Newcrest Mining up more than 1 percent, Northern Star Resources gaining almost 1 percent and Evolution Mining edging up 0.2 percent.

Shares in Cleanaway Waste Management are soaring more than 10 percent after that the waste management company announced a deal to buy the Australian recycling and recovery operations of its peer Suez R&R Australia for $2.52 billion.

Agri-chemical producer Incitec Pivot has delayed the resumption of the operations at its Waggaman ammonia plant in the US by a month to mid-April, due to urgent repairs. The company will take a $28 million hit to 2021 net profit due to the delay. The stock was down almost 9 percent.

In economic news, the Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates. The RBA is widely expected to keep its benchmark lending rate unchanged at the record low 0.10 percent.

In the currency market, the Aussie dollar is trading at $0.766 on Tuesday.

On Wall Street, stocks showed a significant move to the upside during trading on Monday as trading resumed following the long holiday weekend. With the upward move on the day, the Dow and the S&P 500 reached new record closing highs.

The major averages all closed firmly in positive territory. The Dow jumped 373.98 points or 1.1 percent to 33,527.19, the Nasdaq spiked 225.49 points or 1.7 percent to 13,705.59 and the S&P 500 surged up 58.04 points or 1.4 percent to 4,077.91.

Meanwhile, the major European markets were closed on the day in observance of Easter Monday.

Crude oil prices sank sharply Monday, weighed down by the decision from major oil producers to increase production beginning in May. West Texas Intermediate Crude oil futures for May dropped $2.80 or 4.6 percent at $58.65 a barrel.

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