The Australian share market has closed well over two per cent higher, following a second day of stellar gains on Wall Street.

At the close on Friday, the benchmark S&P/ASX200 index was 127.8 points, or 2.45 per cent, higher at 5,338.6, while the broader All Ordinaries index was up 123.0 points, or 2.37 per cent, at 5,312.7, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 145 points higher at 5,309, with 32,235 contracts traded.