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Economics

Market Wrap PM

Australian shares have rallied to a fresh five-year high following news former US Treasury secretary Larry Summers with withdrawn his candidacy to become the next Federal Reserve chairman.

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Read more: Fed,  Federal Reserve chairman,  US Treasury secretary Larry Summers,  Economics,  All Ordinaries index,  ANZ,  Ben Bernanke,  BHP Billiton,  CMC,  Commonwealth Bank,  Dr Bernanke,  Fortescue Metals Group,  Lehman Brothers,  Market Wrap PM,  Monday morning,  Mr Spooner,  Mr Summers,  Ms Yellen,  National Australia Bank,  Newcrest Mining,  Professor Janet Yellen,  Ric Spooner,  Rio Tinto,  S&P/ASX200 index,  Westpac