The NZX-50 followed the lead of Wall Street this morning, providing some relief to beleaguered investors.
The benchmark index opened up nearly 2% on last night's closing, but Forsyth Barr broker Peter Young said the market was still waiting for some sign the United States Congress would sign up to the bailout deal aimed at providing some stability to global equities.
The Dow Jones jumped 485 points today after posting a one-day record loss of 778 on Tuesday.
Strains persisted in credit markets suggesting banks remain reluctant to lend to each other, and September marked the benchmark S&P 500's worse month in six years.
But investors were feeling more optimistic after President George W Bush and congressional leaders pledged to continue talks on a $US700 million ($NZ1.05 trillion) financial sector rescue plan.
In New Zealand, shares to benefit from this morning's rally included Contact Energy and Fletcher Building.
PGG Wrightson shares were trading at $1.80 after going as low as $1.58 yesterday. Speculation that the company would be better off without the deal with Silver Fern Farms was said to have parked investor interest in the company.
Mr Young expected the Australian markets to open strongly at 1pm New Zealand time.
Myles Wealth Management principal Craig Myles said the markets sent politicians a message to stop messing around with petty party politics.
"The deal needs to be done. Main Street US does not fully understand the risks they face if the deal does not proceed. It was not sold well to them.
"However, it appears that the lobbying pressure has switched from not doing the deal to doing the deal (in some form or other).''
The bailout deal could be completed by the weekend, he said.
