Yesterday the XJO fell below 5600 points for the first time this year on Tuesday, before finishing the session 0.1% higher finishing at 5622.
Weighing on the market was the financial sector, after Macquarie Group posted an uninspiring earnings report.
The big four banks mostly finished the day in the red, weighed down by falls in the US financial sector overnight.
Iron ore futures were up 2.4 per cent giving BHP, RIO and FMG a nice boost. 1
In the US, markets hit fresh record highs but finished off their tops as lower energy prices capped any gains.
The S&P 500 chopped around the flatline, with energy falling more than 1 percent to lead decliners. Crude futures for March delivery fell 1.58 percent to settle at $52.17 per barrel amid concerns of higher U.S. shale production.
"Today, as opposed to two years ago, we're looking at a commodity that's not in short supply. That makes it a lot less of a long-term investment," said Maris Ogg, president at Tower Bridge Advisors. "This is really like a growth company that fesses up that it can't grow anymore."
The Nasdaq composite reached a new all-time high and held about 0.15 percent higher. 2
