

The Australian stock market closed more than two per cent lower on Friday following weakness in United States markets caused by doubts over a rescue package for US car makers. The benchmark S&P/ASX200 index had fallen 87.6 points, or 2.43 per cent, to 3,510.4, while the broader All Ordinaries index lost 81.7 points, or 2.31 per cent, to 3,452.5. As the US Senate's rejected the $14-billion bailout for American automotive makers, the stock market is expected to continue moving downward on the negative news.
In early trade today, the benchmark S&P/ASX200 index had risen as much as 60.8 points, or 1.2%, to 5047.0 with financial stocks leading the way, as the Wall Street lifted more than 302 points on Friday night. Wall Street's rally was a result of a surge in the US dollar and a drop in oil prices, which fell below $US115 a barrel for the first time since May.