Bull run continues as stocks rebound AUSTRALIA'S sharemarket roared back to life with its biggest rise in the past eight months as investors snapped up bargains after a three-day decline. The benchmark S&P/ASX 200 closed up 1.8 per cent at 5120.2 after hitting a seven-day low on Thursday. The index was up 10 per cent for the year to date and 28 per cent since June last year. Trading value was $6.7 billion -- well above the 20-day average of $5.4bn. A recovery was expected after the index fell 1.2 per cent on Thursday and fewer-than-expected US jobless claims lifted the S&P 500 to a 5 1/2-year high. Yesterday's rise demonstrated the demand for Australian shares as money continued to flow out of low-yielding cash and bonds, they said. Based on yesterday's strength, some predict fresh multi-year highs next week. National Australia Bank added 38c, 2 per cent, to $31.30, ANZ advanced 54c to $28.72, Commonwealth Bank put on $1.30 to $70.18 and Westpac was the stand-out, rising 76c, or 2.52 per cent, to $30.89. Among retailers, Wesfarmers climbed $1.04, or 2.5 per cent, to $43.12, and Woolworths lifted 93c, or 2.65 per cent, to $36.05 and JB Hi-Fi improved by 1.55 per cent to $15.08. Mining stocks bounced back, improving by more than 1 per cent after being belted on Thursday and despite the iron ore price falling heavily overnight. Global miner BHP Billiton closed up 46c at $35.55, Rio Tinto lifted 60c to $61.30 while Fortescue Metals was 9c up at $4.06. The Australian dollar was slightly higher, holding on to the gains made on Thursday after the release of stellar jobs figures. At the close, the local unit was trading at $US1.0368, up from $US1.0364 on Thursday. Official employment data released on Thursday showed total employment growth of 71,500 in February, the largest monthly increase since July 2000. Easy Forex senior currency dealer Francisco Solar said the dollar had been trading in a tight range on Friday with little to drive movement, following a big surge on the back of the jobs figures. He said the employment data caused some revision in the forecasts for what the Reserve Bank would do with the cash rate. "Some currency strategists either pushed back or completely removed any chance of a rate cut this year," he said. That, in itself, is a positive for the Aussie and probably the reason why the Aussie is still quite buoyant.