Australian shares jumped on Tuesday, tracking a rally on Wall Street, where the Nasdaq Composite reached a new closing record.

The S&P/ASX 200 Index gained 0.57%, or 49.30 points, to close at 8,735.70.

Overnight on Wall Street, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.7%, 1.1%, and 0.2%, respectively.

Brent crude oil hovered around $100 per ​barrel over hopes of increased fuel supplies. US 10- and 30-year Treasury yields hit fresh 24-year highs overnight.

On the domestic front, the ANZ-Roy Morgan Australian consumer confidence fell 3.4 points to 67.1 in the week of Sept. 28 to Oct. 4. The four-week moving average fell 1.2 points to 70.9.

The Westpac-Melbourne Institute Consumer Sentiment Index fell 4.7% to 80.4 in October from 84.4 in September, one of its weakest levels in decades, weighed down by surging fuel prices, higher mortgage rates, and mounting cost-of-living pressures.

ANZ-Indeed Australian job ads recorded a 12.9% year-on-year and 2.2% month-on-month increase in September in seasonally adjusted terms.

In company news, LGI (ASX:LGI) is set to acquire Maryrorough Solar and Chinchilla Solar from IIG Solar Assets, acting as trustee for the IIG Solar Asset Trust, for AU$22 million with no associated debt.

SKS Technologies Group (ASX:SKS) secured an additional AU$38 million in works from Built for the next stage of the MEL2 data center project in Melbourne's northwest, lifting the total project value to AU$66 million.

Lastly, Estrella Resources (ASX:ESR) entered into a binding agreement with Astral Resources' (ASX:AAR) wholly owned subsidiary Mandilla Nickel to divest 100% of its nickel rights across the West Kambalda and Spargos tenements.