US and European stocks surged last night, but Australia already had its own big gain yesterday.

Following a strong opening, local shares flopped after August labour force data from the Australian Bureau of Statistics showed that the unemployment rate had climbed 0.1% to 5.3%.

The S&P/ASX 200 hit an intraday high of 4218.9 points just after opening but had fallen to a low point of 4161.2 at 1:49pm AEST.

The index eventually closed at 4188, a 0.11% or 4.6 point rise.

On the topic of jobs, global markets are eagerly awaiting the US government’s plans to boost the economy, which will be unveiled by President Obama tonight and will comprise job creation measures, infrastructure spending and tax cuts.

“Markets are uncertain as to whether more US stimulus will give a meaningful catalyst to global growth,” Pengana Capital’s Tim Schroeders reportedly told Bloomberg.

“A lot will depend on any policy initiatives that are announced over the next couple of weeks.”

US futures are currently trading lower, but the direction of stocks will depend on the reaction of the market to Obama’s announcement, as well as a speech by Federal Reserve chairman Ben Bernanke.

Despite higher base metals overnight, miners were mixed, but mostly lower.

BHP Billiton closed 0.1%, or A6c, down to $38.17, while Rio Tinto ended the day 1%, or 70c, up to $71.30.

Uranium explorer Extract Resources was a standout, gaining 6%, or 47c, to $8.34, while mineral sands producer Iluka Resources jumped 4%, or 63c, to $16.54.

Big movers among the smaller stocks were Gascoyne Resources, which jumped 27%, or 7c, to 33c on a new gold discovery, while Radar Iron jumped 26%, or 7c, to 34c on no news.