ASX rallies, makes back losses

Stocks are up 1.7 per cent in early trade on the ASX, a rebound from the losses on Wednesday. The Dow Jones in the US gained close to five per cent overnight with investors reacting positively to Joe Biden being the frontrunner for the Democrats ahead of the US election. Department store retailer Myer reported its half yearly profits on Thursday announcing sales fell four per cent to $1.6 billion and profits fell almost 40 per cent to $24 million. Myer said higher financing and restructuring costs along with poor womenswear sales contributed to the weaker result. Image: Getty

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