Market rebounds on RBA rate cut

THE Australian stock market rebounded to close almost 2 per cent higher after the Reserve Bank of Australia slashed the cash rate by 100 basis points to 6 per cent. The move by the central bank was bigger than the 50 basis point fall economists had predicted and the first 100 basis point cut since May 6, 1992, when the RBA lowered the cash rate to 6.50 per cent. The news sparked major turnaround in the local market that opened more than 3 per cent lower on Tuesday after stocks were savaged on Wall Street overnight

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