S&P/ASX 200 (INDEXASX:XJO) recovered from a three-month low and a four-day selloff to rise 100 points or 1.73% to 5884 by around 1.30 pm.
Tech stocks in the US provided a solid platform for the index to rise with the largest 40 companies by market cap on the ASX all rising.
On Tuesday, the major US indices snapped multi-day losing streaks, all closing in the green.
The Dow Jones Industrial Average surged 140 points and the S&P 500 climbed 1.1%.
The tech-heavy Nasdaq Composite was the relative outperformer, rising 1.7% as Amazon.com, Inc (NASDAQ:AMZN) surged 5.7%.
Stock gains were capped by concerns about an uptick in COVID-19 cases in the UK coupled with a bleaker outlook for a second stimulus bill from the US Congress.
U.S. COVID-19 deaths topped 200,000 on Tuesday, according to data compiled by Johns Hopkins University.
Todays top gainers on the ASX include Nelson Resources Ltd (ASX:NES) (+13.85%), Engage:BDR Ltd (ASX:EN1) (+20.00%), Greenland Minerals Ltd (ASX:GGG) (+23.53%), Andromeda Metals Ltd (ASX:AND) (+15.00%), Vrx Silica Ltd (ASX:VRX) (+45.45%), Anson Resources Ltd (ASX:ASN) (+26.32%), FYI Resources Ltd (ASX:FYI) (+18.75%) and Brookside Energy Ltd (ASX:BRK) (+20.00%).
Proactive news headlines:
Australian Vanadium seeks to extend ground position at Coates Nickel-Copper-PGE Project collaboration[hhmc]
Australian Vanadium Ltd (ASX:AVL) aims to extend the ground position at the Coates Nickel-Copper-PGE Project collaboration with Lithium Australia NL (ASX:LIT) and Mercator Metals Pty Ltd through two new tenement applications.
Greenland Minerals higher on Kvanefjeld Environmental Impact Assessment being accepted for public consultation[hhmc]
Greenland Minerals Ltd (ASX:GGG) has been as much as 34% higher on reaching an important milestone in the permitting progress for its Kvanefjeld Rare Earth Project, with the Environmental Impact Assessment (EIA) accepted for public consultation.
GTI Resources begins drilling Niagara Gold Project after soil sampling identifies five new anomalies[hhmc]