The S&P/ASX 200 index was 72 point higher, or 0.9 per cent, to 7,933.2 at lunchtime on Friday, with the broader All Ordinaries up 72.8 points, or 0.9 per cent, to 8,167.1.
Nine of the 11 ASX 200 sectors logged gains, with mining almost two per cent higher, and energy shares snapping a six-day decline, up 1.4 per cent.
Utilities were down 0.8 per cent and consumer staples were modestly lower, down 0.1 per cent.
Mixed trading in the US stemmed from the advanced estimate of June quarter gross domestic product landing well ahead of expectations, clocking in at 2.8 per cent, against the two per cent improvement anticipated.
But in a "goldilocks" outcome, the report also revealed cooling inflationary pressures, which Westpac senior economist Pat Bustamante said supported gains across interest rate sensitive stocks.
Yet rises across small caps and other stocks buoyed by an improving outlook for interest rate cuts were not enough to offset the ongoing sell-off in tech stocks, spurred by disappointing earnings reports and tempering artificial intelligence buzz.
Australian tech stocks were back in the green at midday, rising 0.4 per cent.
Computershares was 1.6 per cent higher, and Reece Limited rose 1.9 per cent.
Of the big banks, ANZ was down 0.1 per cent, Westpac had gained 0.3 per cent, NAB was up 0.4 per cent and CBA had lost 0.3 per cent.
Mining giant BHP was up 2.4 per cent, Fortescue also higher, up 1.6 per cent, and Rio Tinto posted a 2.7 per cent gain.
Mineral Resources climbed six per cent, with the miner buoyed by production volumes falling within guidance.
The Australian dollar was higher, buying 65.53 US cents, from 65.46 US cents in Thursday's ASX close.
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