At the market close the benchmark S&P/ASX 200 index was up 262.40 points or 5.54 percent at 4998.10, while the broader All Ordinaries index was up 252.90 points or 5.32 percent at 5006.20
"We did follow the U.S. up, hitting the 5,000 mark," senior investment advisor Adam Dawes from Shaw and Partners said.
However, Dawes also pointed out when infection rates peaked in the United States and the unemployment rates started to fall again and that would indicate the bottom of the current downturn.
Nine out of 10 sectors were lifted with financials were leading the pack at 8.76 percent gain, followed by energy, materials, industrials and consumer discretionary which all recorded over 5 percent rise. The only exception on the market was health care which was down 0.24percent.
In the financial space, Australia's big banks soared with the Commonwealth Bank up (9.47 percent), ANZ up (11.58 percent), National Australia Bank up (9.65 percent) and Westpac Bank up (9.24 percent).
Mining stocks also surged with Rio Tinto up (5.37 percent), BHP up (10.21 percent) and Fortescue Metals up (5.04 percent) and goldminer Newcrest up (6.90 percent).
The country's oil and gas producers gained with Oil Search up (4.90 percent), Santos up (4.26 percent) and Woodside Petroleum up (7.44 percent).
Australia's largest supermarkets strengthened with Coles up (3.16 percent), and Woolworths up (0.66percent).
Meanwhile, telecommunications giant Telstra unchanged (0 percent), the national carrier Qantas surged (26.26 percent) and biomedical firm CSL slipped (0.35 percent).
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