Australian share market closes higher

The Australian share market finished at a 16-month high on Tuesday as progress in the U.S. fiscal cliff negotiations led to across the board gains for local stocks. The benchmark S&P/ASX200 index was up 21.8 points, or 0.48 percent, at 4,595.2 points, while the broader All Ordinaries index rose 22.5 points, or 0.49 percent, to 4,610.5 points. Market turnover was 1.77 billion shares worth 4.99 billion AU dollars (5.26 billion U.S. dollars), with 536 stocks up, 434 down and 352 unchanged. In the banking sector, ANZ Bank was up two cents to 24.51 dollars, National Australia Bank gained 12 cents to 24.60 dollars, Westpac added six cents to 25.81 dollars and Commonwealth Bank jumped 16 cents to 61.45 dollars. In the resources sector, BHP Billiton jumped 31 cents to 36.66 dollars, Rio Tinto soared 1.18 dollars to 64.70 dollars and Fortescue gained 13 cents to 4.60 dollars.