Sydney  - The big bounce on Wall Street bumped Australian stocks forward Wednesday, but not enough to take the market off its five-year lows.

The ASX 200 put on 59 points, or 1.8 per cent, to 3,244.

The big climbers were the banks and the big miners. Giant miner BHP Billiton surged 4 per cent while resources rival Rio Tinto added 3 per cent.

Macquarie Private Wealth analyst Martin Laycoss said "it's a broad-based rally but not of the same quantum gain that Wall Street had of nearly 6 per cent." (dpa)