Shares shrug off local and US news Australian stocks have shrugged off a rise in the unemployment rate, holding onto gains made after the US Federal Reserve indicated it would keep stimulus measures in place for the foreseeable future. The market moved upwards early on Thursday after Fed chairman Ben Bernanke said the central bank would need to continue supporting the US economy. "Both the employment side and the inflation side are saying that we need to be more accommodating," he said, answering questions after a speech. CommSec analyst Juliette Saly said the market welcomed the chairman's assurances that the Fed would continue to stimulate the world's largest economy. "Essentially what we're seeing is a bit of a buoyancy effect," she told AAP. Official job figures out on Thursday also showed the unemployment rate had increased to 5.7 per cent in June, from 5.6 per cent in May. "They're pretty much bang on in line with what we were expecting," Ms Saly said. It's in line with what we're hearing from employees as well, with what they're doing to really try to cut costs rather than cut jobs. Strong commodity prices have also helped the overall market. Resources stocks opened strongly on Thursday morning, with BHP Billiton up 67.5 cents, or 2.12 per cent, to $32.50, while Rio Tinto was $1.08 cents at higher $53.47. Gold miner Newcrest gained $1.03, or 10 per cent to $10.98. The big four banks also continued to do well. Westpac shares had lifted 38 cents to $29.42, NAB had gained 35 cents to $29.80, ANZ rose 25 cents to $28.89 while the Commonwealth rose 73 cents to $71.08. At 1210 AEST on Thursday the benchmark S&P/ASX200 index was up 51.7 points, or 1.05 per cent, at 4953.1. The broader All Ordinaries index had gained 49.1 points, or 1.01 per cent, at 4934.5. On the ASX 24, the September share price index futures contract was 49 points higher at 4917 with 4919 contracts traded. National turnover was 702 million securities worth $1.7 billion.