Australian stock market bounces back on Tuesday
After a steep drop the previous day, the Australian stock market made a solid comeback on Tuesday.
The S&P/ASX 200 jumped 1.1%, clawing back some losses after hopes rose for a quick end to U.S.-Iran tensions, thanks to comments from President Trump.
Lower oil prices and renewed interest in previously hit stocks helped drive the recovery.
Energy stocks still struggled; mining shares reversed losing streak
Energy stocks still struggled, dropping nearly 3% as oil prices slid; Karoon Energy took the biggest hit at almost 7%.
But mining shares reversed their losing streak, with BHP and Rio Tinto both making gains.
Financials and tech also had a good day; major banks rose up to 1.9%, while technology stocks advanced; no specific tech stock gains were reported.
As analyst Hebe Chen put it, these moves are more about short-term strategy than any big exits from the market.