The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) followed suit, rising 1.3% to be sitting at 5,378 points. The big four banks and resources giants have acted as the driving force behind the local market today.
In what can only be described as a 'bloodbath', the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has retreated a startling 1.9% which follows on from the pain felt overnight in equity markets around the world.
For 2014, the benchmark S&P/ASX 200 Index added a mere 1.1 per cent to 5411 points, while the broader All Ordinaries Index was up 0.7 per cent to 5388.6 points, as slumping iron ore, coal and oil prices pulled down the resources-heavy bourse.
The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index each lost 0.6 per cent for the day and 3 per cent for the week to close at 5299.2 and 5278.8 points respectively, as the battered energy and mining sectors pulled the index under.