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SYDNEY, Feb 4 AAP

February 04 2013, 06:42AM

The Australian market looks set to open higher following a stellar performance on Wall Street at the end of the week with the Dow finishing above 14,000 for the first time since October 2007.

At 0630 AEDT on Monday, the March share price index futures contract was up 24 points at 4,903.

In economic news on Monday, Australian Bureau of Statistics is due to release its building approvals for December.

The TD Securities/Melbourne Institute Monthly Inflation Gauge and the Dun and Bradstreet business expectations survey are both expected.

No major equities news is expected.

In Australia, the market on Friday returned to its two-week bull run as investors, buoyed by a positive US earnings season, turned to high-yielding stocks.

At the close, the benchmark S&P/ASX200 index had risen 42.3 points, or 0.87 per cent, at 4,921.1 points, and the broader All Ordinaries index was up 40.9 points, or 0.83 per cent, at 4,941.9 points.