News Service from House Harris

Aust stocks set to rise on back of Wall Street rally

The Australian stock market is expected to open stronger tomorrow after a late rally on Wall Street ended yet another turbulent week on world markets.

Wall Street closed on a positive note on Friday after reports New York Federal Reserve chief TIMOTHY GEITHNER would be named the next Treasury secretary by president-elect BARACK OBAMA.

The appointment's expected to be announced in the US tomorrow.

The Dow Jones Industrial Average vaulted 494.13 points or 6.54 per cent .. to close at 8,046.42.

The Nasdaq composite climbed 66.23 points or 5.18 per cent to 1,384.35 .. and the Standard & Poor's 500 index jumped 47.59 points or 6.32 per cent to end at 800.03.

AMP Capital chief economist SHANE OLIVER says the local market should beginthe week with a rise of about three per cent .. with further volatility ahead.

AAP RTV dmcjfmdejmt =0A