What: In what has turned out to be a surprising start to this week's trading, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is off to a flying start and trading 0.7% higher by mid-afternoon. The gains in the index come despite a very negative lead from Wall Street last Friday. In fact, it was a horror end to the trading week on the US market with the Dow Jones and the S&P 500 ending 1.45% and 1.3% lower respectively.
So what: Wall Street's falls were caused by a combination of disappointing US economic data (specifically a weak gross domestic product reading), increased concerns about a Greek default and China's slowing growth rate. These factors had market pundits tipping the ASX to follow suit today with a decline. These worries have turned out to be overdone however with the market enjoying a rally at least in part thanks to a jump in the price of oil.
Now what: Indeed the rising oil price has been a driver of some of the biggest gainers on the market today. Drillsearch Energy Limited (ASX: DLS) has jumped 5.8%, Karoon Gas Australia Limited (ASX: KAR) has gained 3.3%, Beach Energy Ltd (ASX: BPT) is up nearly 5%, Horizon Oil Ltd (ASX: HZN) has soared 12%, Oil Search Limited (ASX: OSH) has rallied 3.1%, Santos Ltd (ASX: STO) is up 1.8% and oil and gas giant Woodside Petroleum Limited (ASX: WPL) has put on 1.1%.
