Australia's financial markets today endorsed the centre-left Labor Party's decisive election victory, making solid gains on the first trading day after the conservative government was swept from power.
Investors put uncertainty surrounding the election's outcome behind them and concentrated on market fundamentals, while the Australian dollar also rose.
The benchmark S&P/ASX 200 closed up 141 points or 2.2% at 6,471, while the broader All Ordinaries closed 141 points higher at 6,533.
Prime Minister-elect Kevin Rudd has given the market little to worry about, promising to be an 'economic conservative', analysts say.
Rudd ousted long-serving prime minister John Howard, whose government had earned a reputation for being business friendly during nearly 12 years in power.
The stock market had closed lower for the sixth straight week on Friday as investors continued to worry about the state of the US economy and turmoil in credit markets, with the elections adding another layer of uncertainty.
