The XJO finished the day up 82 points (+1.8%), settling at 4550.
Cyclical stocks were the best performers after having underperformed over the past few sessions.
The discretionary sector led the way with Newscorp surging over 5% after the Murdochs testified at an inquiry overnight.
Retailers also bounced with Myer up a solid 3%, recovering from the recent selloff.
The big miners were notable gainers with BHP surging on the back of a strong production report.
BHP tacked on nearly 2% and peer Rio Tinto added 1.5%.
Financials also had a good day with all the big four banks rising around 2% each.
The telco and healthcare sectors underperformed the market due to their defensive nature – traders opted for risk instead.