A senior economist says today's strong rally on the Australian share market should not be seen as the beginning of a solid long-term recovery.
Just before trading closed, the All Ordinaries index was up 181 points or 3.5 per cent to 5,364.
The rebound mirrored Wall Street's gains, after an improved offer for the troubled global investment bank, Bear Stearns.
Upbeat US housing data also helped ease concerns about credit markets.
But ANZ's Katie Dean says markets are still extremely vulnerable and it is too soon to rule out further turmoil.
"I think it would be a very brave investor that decided to call this as the bottom of the market," she said.
"Certainly markets are on a knife edge and it really is a day-to-day proposition at the moment."
Source: By Australian Broadcasting Corporation
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