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The Australian stock market is higher in morning trade, despite that Wall Street recorded falls for the third consecutive trading day.

The Australian shares gave up 1 per cent shortly after the market opened on Friday led by banks and big miners. The weak commodities prices and decline in Wall Street dented the local market. Today Asian markets also broadly fell after the poor lead from the US.

Australian shares posted a strong gain on Wednesday while Wall Street and Asian markets picked up on a brightened outlook and higher commodities prices. The local market was also lifted by a bunch of upbeat profit results. At the close, the benchmark S&P/ASX200 index surged 100.1 points, or 2.2 per cent, at 4667.9, while the broader All Ordinaries index jumped 96 points, or 2.1 per cent, to 4686.8.

US stocks surged overnight as the Federal Reserve said the economy was leveling out, and it left interest rates unchanged at the end of its two-day policy meeting.

Yesterday, the Australian share market closed higher on the back of stronger commodity prices. The benchmark S&P/ASX200 index rose 49 points, or 1.29 per cent, at 3856, while the broader-based All Ordinaries index gained 49.3 points, or 1.3 per cent, to 3851.5 points.

Yesterday the Australian share market ended slightly lower dragged by financial stocks. The benchmark S&P/ASX200 was down 10.7 points, or 0.28 per cent, at 3813.9, while the broader All Ordinaries had lost 4.2 points, or 0.11 per cent, to 3804.7.

Australian shares closed lower on Friday. The Australian market sunk further into the red and languished in negative territory amidst gloomy economic news from here and overseas, according to CMC Markets.

The Australian share market ended last week with 1% higher led by the overseas markets. The benchmark S&P/ASX200 index surged 41.3 points, or 1.2%, to 3469.9 while the broader All Ordinaries index closed with 34.9 points higher, or 1%, settled at 3407.5.

On Wednesday, the Australian shares dropped more than 2% dragged by the property and mining sectors. The benchmark S&P/ASX200 index was down 70.8 points, or 2.02 per cent, at 3,437.9, while the broader All Ordinaries index shed 66.8 points, or 1.94 per cent, to 3,382.3. The market could restore some confidence over the news that the US service sector shows it shrank at a low pace and China's national purchasing managers index suggests a recovery in China.

The Australian market closed lower on Wednesday. The benchmark S&P/ASX200 index ended down 83.4 points, or 2.3 per cent, at 3540.0, while the broader All Ordinaries dropped 95.8 points, or 2.68 per cent, to 3479.6. Analysts expect the US rally sustain for a while as there are some good signs in the global financial markets.