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Australian share market finishes in the green after wild multi-billion-dollar swings

Published: (Updated: ) in Australian News by .

The ASX 200 had enormous turnover as buyers eager to capitalise on cheap prices flooded the market.

The Australian share market has defied all odds this afternoon, finishing 3.1 per cent higher after a wild early swing saw it instantly wipe $66 billion shortly after opening.

The benchmark S&P/ASX200 index closed up 179 points, or 3.11 per cent, at 5,939.6 points - despite plunging 3.8 per cent just after it opened.

Mammoth losses were replaced with mammoth gains as "Mum and Dad" investors moved to purchase shares at what is a perceived low point of the market.

Commsec, the nation's largest share broker, is tipped to record it's second largest day by volume today.

The Aussie dollar was buying 65.62 US cents, up from 65.46 US cents at the market close on Monday.

Wild market swings come as Australia's PM Scott Morrison talked down the economic impact of the coronavirus crisis.

The government is putting the final touches on a stimulus package, expected to be worth as much as $10 billion.

Mr Morrison told business leaders on Tuesday this would be proportionate, targeted, scalable and temporary.

He said the coalition had learned from Labor's response to the global financial crisis, which included large infrastructure projects and other measures that stayed on the books for years.

"The measures must be temporary and accompanied by a fiscal exit strategy," Mr Morrison said of his own plans.

The Federal Government is readying a stimulus package to combat the impacts of coronavirus.

"They cannot be baked into the bottom line for years to come, keeping the budget under water."

Health Minister Greg Hunt described the epidemic as a once-in-50-year challenge.

Now was the moment of pressure, but it would pass.

"The advice on the scientific front that it is far more likely than not that people can only contract this once means that this is a limited duration," he told reporters in Sydney.

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The number of COVID-19 cases in Australia has passed 100, with Federal Health Minister Greg Hunt doling out optimism by telling investors approximately half of those have already recovered from the virus.

- With additional reporting by AAP

Source: 9News https://www.9news.com.au/national/asx200-mammoth-swings-as-investors-buy-the-bottom/d7879bc8-3571-42c2-a2cc-1a6b5a18d652

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