The stock market in Australia opened on Monday lower after the Wall Street fall on Friday injects fear in stock investors.

The good gains made in the resources sector today have not been enough to overcome losses made by the banks and the overall market in Australia has closed lower.

The Australian share market has closed weaker following a poor lead from Wall Street and losses in the financial and banking sectors.

The turnaround on the markets today started off as dramatically positive as yesterday's losses were negative.

The Australian share market has closed higher because of gains in the banking and resources sectors. The All Ordinaries Index was up 86 points to 6,593 and the ASX 200 added 88 points to 6,533.

The Australian share market continued a disappointing week, losing ground for a third consecutive day on the back of persistent credit problems in the United States.

Higher oil and metals prices have helped the Australian share market bounce back from recent losses and end on a record closing high.

The Australian share market enjoyed a strong day of trading with mining and energy stocks leading the rally because of strengthening global commodity and base metal prices.

The Australian share market dropped into the red at the close of today's session amid rising concerns of an interest rate rise and credit worries from the United States.

The Australian share market fell by its largest amount in two months amid renewed concerns about credit markets. A warning by equipment company Caterpillar that the housing slump in the US was starting to spread to other parts of the economy saw US shares fall at the end of the week.

The Australian share market has shrugged off four days of losses to end the session 1.3 per cent ahead.

The Australian share market has fallen more than 1 per cent as fresh concerns about credit markets continue to affect local stocks.