Gold and copper prices increased overnight, while silver and oil prices fell.
At 10.15am AEDT, the benchmark S&P/ASX200 was up 52.5 points, or 1.47 per cent, at 3632.2, while the broader All Ordinaries had gained 49.4 points, or 1.4 per cent, to 3576.6.
On the Sydney Futures Exchange, the June share price index contract was trading 58 points higher at 3639 on volume of 6948 contracts.
Among the miners, BHP Billiton was up 45 cents, or 1.4 per cent, to $32.55, and rival Rio Tinto gained $1.41, or 2.55 per cent, to $56.81.
Financial stocks were stronger.
Westpac was up 23 cents at $19.65, National Australia Bank was up 42 cents at $20.74, ANZ had gained 31 cents to $16.19 and Commonwealth Bank added 50 cents to $35.13.
Wall Street rose on Wednesday as investors were heartened by a stronger-than-expected survey on the factory sector, after the market had fallen in early trade after negative news on employment.
The Dow Jones Industrial Average added 152.68 points, or 2.01 per cent, to 7761.60.
The broader Standard & Poor's 500 index rose 13.21 points, or 1.66 per cent, to 811.08 and the Nasdaq composite index added 23.01 points, or 1.51 per cent, to 1,551.60.
IG Markets research analyst Ben Potter said the market had had a strong start.
"The strength is across the board, led by the consumer discretionary sector, materials, industrials and financials," Mr Potter said.
"There was good economic news overnight from the US.
"Base metals in London were marginally higher as well, so that's helping.
"Whether we'll be able to hold these gains will be interesting to see.
"But we're starting to see signs that the market, and the economy, picking up a little bit."
Energy stocks were mixed at 1037 AEDT.
Santos lost eleven cents to $17.18, Woodside gained 22 cents to $38.62 and Oil Search lost one cent to $5.20.
Among retailers, Woolworths was steady at $24.89, Wesfarmers eased 22 cents to $19.03, upmarket department store owner David Jones was up eight cents at $2.89 and JB Hi-Fi added 56 cents, or 4.82 per cent, to $12.18.
Media stocks had gained at 10.46am AEDT.
Fairfax Media rose 1.5 cents to $1.07, while News Corporation added 42 cents, or 3.8 per cent to $11.46 and its non-voting scrip gained 36 cents, or 3.77 per cent to $9.92.
Ten, which is due to release its interim results on Thursday, added one cent to 79 cents, while Seven Network gained eleven cents to $6.00.peQantas added 3.5 cents to $1.735 and Virgin Blue gained two cents to 28.5 cents.
The most traded stock by volume was Goodman Group, with 22.65 million shares changing hands collectively worth $9.49 million.
Its stock was up four cents, or 10.53 per cent, at 42 cents.
Financials push shares higher
Will stock market’s rally stick or vanish?
