Australian Market Modestly Higher

(RTTNews) - The Australian stock market is trading modestly higher on Tuesday, recouping some of the losses in the previous six sessions, with the benchmark S&P/ASX 200 moving just above the 7,300 level, despite the broadly sell-off on Wall Street overnight, as traders are looking to pick up stocks at a bargain following the recent weakness. Meanwhile, the rapidly spreading Omicron variant of the coronavirus raised concerns about global economic recovery amid fears of fresh disruptions across supply chains globally following tighter restrictions in Europe. Concerns are also rising domestically, with New South Wales reporting a record 3,057 new cases and two deaths on Monday. Victoria also reported 1,245 new cases and six deaths.