Market Update: The S&P/ASX 200 bounced 0.4% to 5,234 points, recovering from yesterday's sharp fall on the back of a rebound in the U.S

Market Update: The S&P/ASX 200 bounced 0.4% to 5,234 points, recovering from yesterday's sharp fall on the back of a rebound in the U.S. equity markets last night after a better-than-expected retail sales data. CBA advanced 0.3% while all other major banks were flat. Resources were mixed with BHP down 0.4% while RIO was up 1.5%. Fortescue climbed 3.3% after reducing its junk-rated debt by a further $1.6bn. OZ Minerals rallied 13.0% as it expects a boost in copper and gold production in 2014. The AUD has fallen below the US$0.90 mark overnight to be trading at US$0.8920. The SPI was up 0.5% at 5,197 points on the Sydney Futures Exchange.