Australian shares jump following Wall Street rebound

Following the US Wall Street rebound for almost 7 percent on its overnight trading, the Australian local shares jumped for almost 4 percent, despite reports of cutting jobs to most of the local banks here.

At 10.19am Australia's biggest oil and gas producer Woodside Petroleum rose 4.3 per cent to $38.49, Santos was up 4 per cent to $13.48 and Oil Search was up 4.2 per cent to $4.95.

Wall Street launched a massive late rebound after sending the Dow Jones industrials briefly below 8,000.

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