There was a moderate rally on Wall Street overnight as oil prices retreated from record highs and the flow of corporate news was mostly positive.

The banking and financial sectors have dragged down the Australian share market, which closed lower for a third consecutive session.

Early gains have been all but erased on Wall Street at the start of the trading week.

It has been an indecisive session overnight on American equity markets.

A recession warning from the head of the US Federal Reserve has seen yesterday's strong gains trimmed back on Wall Street.

Stock prices have roared ahead on Wall Street, with US investors thinking they can see light at the end of the credit crunch tunnel.

The dollar's sharp drop on currency markets, along with economic doldrums in the United States are taking their toll on American tourists and expatriates overseas. Even Paris has seen a 10 percent decline in its number-one foreign visitor.

The Australian share market has remained virtually unchanged despite losses in the banking and resources sectors.

Losses in the banking sector and a poor lead from Wall Street have dragged down the Australian share market for the second day.

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

Gains in the resources sector have helped the Australian share market end on a three-week closing high.

The Australian share market has staged a strong rebound on its first trading day after the Easter long weekend, with the financial sector leading the charge.