Australian stocks extend gains, banks up

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Australian stocks extend gains, banks up
SYDNEY (MarketWatch) -- Australian stocks jumped in early trading on Friday, extending gains made in the previous session following news that Europe has agreed a plan designed to stem the region's debt crisis. The S&P/ASX 200 index rose 1.5% to 4,414.50. Financials were once again the standout performers, with investment bank Macquarie Group Ltd. up 5.1% after the firm reported a drop in first-half profit but also said that it would buy back 10% of its shares. Retail banks were also higher, with Commonwealth Bank of Australia up 1.9% and Westpac Banking Corp. up 3%. Miners also saw strong gains, with Rio Tinto Ltd. up 2.6%.