(fxcue news) - Reversing the losses in the previous session, the Australian stock market is trading notably higher on Tuesday, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving above the 8,000 mark, with gains across most sectors led by mining and energy stocks amid spiking commodity prices. The benchmark S&P/ASX 200 Index is gaining 51.10 points or 0.64 percent to 8,039.20, after touching a high of 8,046.00 earlier. The broader All Ordinaries Index is up 49.60 points or 0.61 percent to 8,241.50. Australian stocks closed modestly lower on Monday. Among the major miners, BHP Group and Fortescue Metals are adding almost 1 percent each, while Rio Tinto is gaining more than 1 percent and Mineral Resources is edging up 0.5 percent. Oil stocks are mostly higher. Origin Energy and Beach energy are adding almost 1 percent each, while Woodside Energy is edging up 0.5 percent. Santos is edging down 0.3 percent. Among tech stocks, Appen and WiseTech Global are gaining more than 1 percent each, while Zip and Xero are edging up 0.3 to 0.5 percent each. Afterpay owner Block is flat. Gold miners are mostly higher. Gold Road Resources and Evolution Mining are edging up 0.3 to 0.4 percent each, while Newmont and Resolute Mining are gaining almost 2 percent each. Northern Star resources is adding almost 1 percent. Among the big four banks, Commonwealth Bank, ANZ Banking, Westpac and National Australia Bank are gaining almost 1 percent each. In the currency market, the Aussie dollar is trading at $0.665 on Tuesday. On Wall Street, stocks showed a strong move back to the upside during trading on Monday following the sell-off seen in the previous week. The major averages all moved sharply higher over the course of the session. The major averages pulled back off their highs of the session in afternoon trading but remained firmly positive. The Dow surged 484.18 points or 1.2 percent to 40,829.59, the Nasdaq jumped 193.77 points or 1.2 percent to 16,884.60 and the S&P 500 shot up 62.63 points or 1.2 percent to 5,471.05. The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index shot up by 1.1 percent, the French CAC 40 Index jumped by 1.0 percent and the German DAX Index advanced by 0.8 percent. Crude oil prices climbed higher Monday on the possibility of weather-related production issues in the the Gulf of Mexico, and on OPEC's decision to delay a production boost originally scheduled to begin in October. West Texas Intermediate Crude oil futures for October ended up by $1.04 or 1.54 percent at $68.71 a barrel.