The Australian share market was set to rise after Wall Street reversed some of the losses from its two-day decline, as investors favoured stocks likely to benefit from an economic recovery.Investors piled into shares poised to benefit from economic recoveryThe Australian dollar was also doing better and buying 77.52 US cents, up 0.4 per cent.
In New York, the tech-heavy Nasdaq had a sharp gain closing at 13,950, overtaking the benchmark S&P 500 to 4,173, and the Dow Jones up to 3,413. The biggest winners among the top 500 companies were DHS Network Corp , Norwegian Cruise Line Holdings and Intuitive Surgical ."You take Netflix out of today's equation, it's simply a broad-based rally," chief market strategist at TD Ameritrade JJ Kinahan said.Analysts expect S&P 500 companies to post first-quarter earnings growth of 30 per cent from a year earlier.
Shares of streaming service Netflix plunged following the posting of the company's quarterly results the previous day which showed the company had fallen short of the expected number of new subscriptions."Investors feel more confident of the earnings growth prospects for technology," chief investment strategist at CFRA Research in New York Sam Stovall said.
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