ASX has rocky start to financial year

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Will this financial year be as turbulent? Image: GettyMoreThe benchmark S&P/ASX200 (^AXJO) has had a nauseating start to the financial year, bouncing rapidly in opening trade to hit 5,917.10 points at 10:37am AEST, an increase of 0.33 per cent.The broader All Ordinaries index (^AORD) tracked a similar trajectory, up 0.45 per cent to 6,028.60 points.It comes after a strong session on Wall Street overnight which saw the US share market cap off one of its best quarters ever. Today marks the first day of the new financial year and the roll out of Open Banking, which is set to disrupt Australia’s banking sector. What happened overnight?US shares lifted higher on Tuesday to secure its largest quarterly percentage gain in more than 20 years thanks to more positive economic news. The S&P rallied more than 19.95 per cent to make its biggest quarterly gain since 1998 off the back of huge stimulus programs and easing restrictions. The Dow Jones Industrial Average rose 217.08 points, or 0.85 per cent, to 25,812.88 on Tuesday, the S&P 500 gained 47.05 points, or 1.54 per cent, to 3,100.29 and the Nasdaq Composite added 184.61 points, or 1.87 per cent, to 10,058.77.With AAP.Make your money work with Yahoo Finance’s daily newsletter. Sign …

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