On Thursday, the Australian market continued to trade modestly higher, maintaining its position above the 8,200 mark.

The trading day was marked by volatility, with the market bouncing higher in the morning before experiencing fluctuations.

Crude oil prices fell sharply, with West Texas Intermediate futures dropping significantly due to eased supply disruption concerns.

This rally follows a broadly positive performance on Wall Street, where the Dow closed up 431.63 points and the S&P 500 rose by 40.91 points.

Market analysts noted that the rebound on Wall Street was crucial for boosting investor confidence, particularly in the technology sector.

Despite the decline in crude oil prices, the December Brent oil contract rose slightly, indicating mixed signals in the energy market.

Australia's stock market experienced a positive trend, closing higher on Wednesday, with the S&P/ASX 200 Index surpassing the 8,200 level.

Financial stocks showed strong performance, indicating a shift in investment focus from resources to financials, aided by positive consumer-facing stocks.

All major banks reported gains, with Commonwealth Bank rising by 0.9% and ANZ increasing by 1%, reflecting the overall strength in the financial sector.

In the mining sector, shares showed mixed results, with gold miners like Resolute Mining gaining 2.5%, while others like Newmont faced slight declines.

Rio Tinto saw a modest increase of 0.3%, while Arcadium Lithium surged dramatically by 38.8% following a significant takeover offer.

The implied volatility of S&P/ASX 200 options decreased, reflecting a more stable market sentiment among investors.