S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) futures are up around 5% heading into the open with the local market set to follow up yesterday's gains of 4.17% to 4,735.70.
US markets posted one of their best days since the GFC overnight with the Dow Jones Industrial Average (INDEXDJX: .DJI) up 11.37%.
The S&P 500 Index (INDEX:. INX) closed at 2,447.33, +209.93 or up 9.38% and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed at 7,417.86, +557.18 or up 8.12%.
The overdue optimism comes from the pending US$2 trillion stimulus bill being progressing through Congress.
The next step for the bill is voting in the Senate.
All commodities higher overnight
Most commodities had healthy bounces overnight with gold up 6.5% to US1,670 per ounce and Crude Oil WTI up 4% to US$24.30 per barrel.
The AUD continues to bounce off its recent lows and is buying 59.6 US cents, a solid bounce of its recent bottom of 55 US cents.