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US stocks closed nearly unchanged Wednesday despite a stronger than expected increase of new home sales and a jump in durable goods orders. The market responded to the positive data with a shrug, as investors remained cautious and took their profits after rallies.

The Australian stocks closed Friday with little change after falls from early highs. The benchmark S&P/ASX200 index declined one point, or 0.03 per cent, to 3344.5, while the broader All Ordinaries fell half a point, or 0.02 per cent, to 3296.9. With the reporting seasons over, the market focus will return to the economic data and RBA's rate cut decision this week.

The Australian stock market staged a late rally on last Friday, with the benchmark S&P/ASX200 index closing up 63.6 points, or 1.9 per cent, at 3,416.5, while the broader All Ordinaries index gained 54.3 points, or 1.63 per cent, to 3,386.9. Market is struggling to recover with some "bear market rally" although the fundamental problems remain. Analysts said the recent fluctuation is because of uncertainty and the political factors are important at this stage.