The Aussie market surged higher today after EU leaders made significant progress on resolving the region's debt crisis.

Fuelling today's gains was an in-principle agreement by Greek bondholders to accept a 50% haircut on their debt holdings.

The agreement came on the back of last night's deal to bolster the region's bailout fund to more than 1 trillion euros.

Amazingly the gains came in a dramatically shortened trading day, with the Australian stock exchange shut down for almost four hours due to a technical glitch.

Resource stocks powered the session's advance, with BHP rising 3.8% and Rio Tinto adding 4.4%.

NAB was the star performer (+3.7%) in the banking space after reporting a 5.5% rise in FY11 cash profit. CBA put on 1.8% for the day.

However, Woolworths disappointed (-0.3%) the market with 1Q11 sales growth of 4.9%. The result was impacted by weak consumer spending.

The ASX 200 soared 106 points (+2.5%), settling at 4348.