The local share market was well supported today, ahead of an expected injection of stimulus by the US Federal Reserve. The All Ordinaries Index (XAO) rose 20.6pts or 0.4pct to 4793.8 while the S&P/ASX 200 Index (XJO) was firmer by 21.2pts or 0.5pct to 4722.6.

Among the banks, Westpac (WBC) was strongest, rising 0.5pct to $23.42 in the wake of its FY result. The lender saw a 26pct increase in cash profit to $5.9 billion. WBC will pay a final dividend of 74c per share, bringing its total annual shareholder payouts to $1.39. WBC CEO Gail Kelly told a media briefing the bank's interest rate settings were under review in the wake of the official cash rate increase announced by the Reserve Bank yesterday. The Commonwealth Bank (CBA), which performed best yesterday, eased by 0.6pct to $49.90. Shares in the NAB (NAB) added 0.1pct to $25.90 while the ANZ (ANZ) was firmer by 0.7pct to $25.20. Macquarie Group (MQG) firmed by 0.1pct to $36.20.

Index leader BHP Billiton (BHP) rose 0.9pct to $42.63, boosted by strength on the London Metals Exchange. Shares in Rio Tinto (RIO) added 0.8pct to $83.39 while Fortescue Metals Group (FMG) was higher by 1.1pct to $6.49. Shares in Newcrest Mining (NCM) gained 1.2pct to $40.39 on the back of a stronger gold price.

The energy sector advanced by 0.6pct.

Construction giant Leighton Holdings (LEI) lost a further 1.9pct to $33.10 in the wake of yesterday's profit downgrade and weaker than expected building approval numbers.

Engineering firm Downer EDI (DOW) fell 2.3pct to $5.05 after apologising for a number of write downs, including a $190 million hit in costs related to its delayed NSW Waratah trains contract.

Manufacturer CSR (CSR) closed slightly firmer at $1.81 after announcing a $63 million 1H net profit, versus a loss in the previous period.CSR will pay a final dividend of 3c per share.

Shopping centre owner Westfield (WDC) remained in a trading halt as it announced plans to restructure its business and created a separate listed property unit. Westfield Retail Trust will be a joint venture of 54 shopping centres and will raise up to $3.5 billion through a share issue. $2 billion will come from a public offer, while the other $1.5 billion will be raised by offering new securities to eligible share holders. WDC last traded at $12.81.

Retail stocks fell in the wake of yesterday's rate decision. Harvey Norman (HVN) closed down 2.2pct to $3.17 while Myer Limited (MYR) fell 1pct to $3.85. David Jones (DJS) shares eased by 2.1pct to $4.69 after announcing management changes.

Council approvals to build news homes slumped by 6.6pct in September. Over the past six months approvals have fallen by 31pct, the biggest slide in a decade. It was the sixth straight fall in home approvals and eighth decline in nine months. The all-important new house segement was down by 2.2pct and apartment approvals crashed by 15.7pct. Commercial building approvals fell to 5-year lows in trend terms in September.

The Performance of Services index lifted from 45.6 to 50.7 in October.

The Australian dollar ended the day's trade weaker against all the major currencies and at 4pm AEDT was worth US99.74c, £0.6218 and €71.19c.

On the market overall, a total of 2.46 billion shares were traded, worth $3.91 billion. 594 were up, 493 were down and 397 were unchanged.

At 4.15pm AEDT on the ASX24, the futures contract was at 4727, up 26pts.

Ahead tonight, the US Federal Reserve hands down its interest rate decision. The ISM services index is released.