Australian stocks gain almost 4%

Australian stocks are rallying as investors take comfort by stronger-than expected US data and news that European finance ministers agreed to safeguard struggling banks.
Around midday, the benchmark S&P/ASX200 index was up 113.7 points, or 2.9 per cent, at 4040.2, after rising 1.4 per cent yesterday, while the broader All Ordinaries index gained 110.8 points, or 2.8 per cent, to 4103.3.
Materials led the gains, jumping 3.6 per cent, while energy stocks rose 3.5 per cent and financials gained 2.9 per cent.
The Australian dollar is holding steady at 96.37 US cents, up from 95.50 yesterday. Since 7am the local unit has traded between 95.49 US cents and 96.44 cents. It's also buying 73.9 Japanese yen, 72.26 euro cents and 62.38 British pence.
Thanks to SMH for the above extract.