Day traders' after-market lounge August 7

Thanks afternoon crew.

End-of-day summary:

Australian shares rallied as gains in Japanese stocks and US index futures bolstered hopes that the worst of the global market turmoil has passed.

The ASX 200 climbed 19 points or 0.25% as repair-work continued following Monday's sell-off, the index's heaviest in four years. Nine of eleven sectors advanced, led by real estate, utilities and communications. A late dip in the heavily-weighted banks and miners took some of the shine off earlier gains.

Japan's Nikkei 225 index briefly recouped the remainder of Monday's 12.4% plunge before shaving its rise to 1.12% this afternoon. Monday's collapse was the climax of three days of heavy selling since the Bank of Japan raised rates.

US stocks bounced overnight after the Federal Reserve played down recession worries. The S&P 500 bounced 1.04%. Futures for the index firmed 0.65% this afternoon as Asian markets strengthened.