The Australian share market has defied all odds this afternoon, finishing 3.1 per cent higher after a wild early swing saw it instantly wipe $66 billion shortly after opening.
The benchmark S&P/ASX200 index closed up 179 points, or 3.11 per cent, at 5,939.6 points - despite plunging 3.8 per cent just after it opened. Mammoth losses were replaced with mammoth gains as "Mum and Dad" investors moved to purchase shares at what is a perceived low point of the market.Commsec, the nation's largest share broker, is tipped to record it's second largest day by volume today.Wild market swings come as Australia's PM Scott Morrison talked down the economic impact of the coronavirus crisis.
A man stands in front of digital market boards at the Australian Stock Exchange in Sydney, Monday, March 2, 2020. The Australian share market spiralled nearly 2.5 per cent lower as the deadly coronavirus spreads across the planet and stifles trading prospects. NO ARCHIVING The government is putting the final touches on a stimulus package, expected to be worth as much as $10 billion.
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