This figure was based on data compiled by Bloomberg and compares to the $8.4 trillion lost overall in the market retreat.

The S&P/ASX 200 index finished the day up 11 points or 0.26% at 4307.50, while the All Ordinaries Index jumped 12.80 points to 4382.70. Earlier, Wall Street had closed higher, with the Dow Jones Industrial Average up 0.46% to 11,613.53 and the S&P 500 index up 0.49% to 1218.89, its biggest eight-day gain since 2009.

US stocks gained as the US government reported growth in factory orders that exceeded projections, while a private report showed American business activity topped forecasts.

Federal Reserve officials favoured a “more substantial move” to stimulate growth.

“The economy is not falling off a cliff and at the same time policy makers are aware that growth is slow and they are prepared to do something to accelerate it,”Bloomberg quoted Illinois-based Oakbrook Investments’ Peter Jankovskis.

“Much of the selling that we’ve experienced was overdone and left the market poised for a rally when sentiment began to change.”

News also emerged that China’s export orders fell for the first time in two years last month, along with manufacturing in South Korea and Taiwan, underscoring signs of slowing growth that may help dissipate Asian inflation pressures.

An index of Chinese manufacturing was at 50.9, near a 29-month low, according to reports by the China Federation of Logistics and Purchasing.

Similar gauges for South Korea and Taiwan were at 49.7 and 45.2, below the expansion-contraction point of 50, data compiled by HSBC Holdings and Markit Economics showed.

“Slowing growth will ease some of the demand-side pressures across Asia,”Bloomberg quoted Singapore-based Nomura Holdings economist Euben Paracuelles.

“Our sense is that central banks in Asia are basically done with their monetary policy tightening.”

Paracuelles said Taiwan and India were among the few that might still raise interest rates.

Locally, the major miners closed higher, with BHP Billiton up A13c to $39.87. Rio Tinto gained 56c to $73.08, Fortescue Metals Group gained 10c to $6.15, OZ Minerals jumped 24c to $12.04 and Paladin Energy shed 7c to $2.03.

Flinders Mines recorded one of the biggest share price runs of the day, gaining 24% or 3c to 15.5c after it announced it had engaged Citi Australia to undertake a review of its options to finalise future partners for its Pilbara iron ore project.

Gold stocks took a hit, with Australia’s largest locally owned miner Newcrest closing 80c lower on $39.45 while Kingsgate Consolidated dropped 25c to $8.87.

At 4.25pm (AEST) the spot price of gold was down $US15.73 to $1819.26 an ounce, while the Australian dollar was higher, fetching $US1.07.