US indexes gained ground, with the S&P 500 and the Dow touching record highs as investors were encouraged by Donald Trump’s pick for the top economic job.
The Australian sharemarket surged to a fresh all-time high on Monday, driven by broad-based gains, with the S&P/ASX 200 Index climbing 0.7% (55.80 points) to 8449.6 by early afternoon. The index, which peaked at 8462.1 in morning trade, is within 50 points of the 8500 milestone, reflecting a nearly 3% rally this month amid optimism surrounding global economic conditions.
Wall Street closed higher on Friday, with the small-cap Russell the best performer as investors took comfort from data pointing to robust economic activity in the world’s biggest economy.
A wrap of the week in markets from the boys at MPC Markets.
We cover stocks, politics, opportunities on the ASX and geopolitics
Australian shares extended gains into early Friday afternoon, driven by energy stocks as escalating tensions in the Russia-Ukraine conflict propelled oil prices higher. The S&P/ASX 200 rose 1.1% (88 points) to 8401, setting up a potential record close, up 1.5% for the week.
Wisetech Global WTC:ASX AGM Update
Stocks ground higher overnight led by cyclical stocks including financials and industrials boosting the broader market at a time when tech lagged as Google slumped on regulatory concerns.
Australian shares have reversed early gains to trade lower as the S&P/ASX 200 slipped 11 points to 8324 in late afternoon trade. After opening 0.3% higher, the index lost momentum by midday. Commonwealth Bank weighed on the market, falling 1% after briefly setting a record high above $157.
Stocks finished the day session mixed ignoring a slump in Target and caution in tech ahead of Nvidia’s quarterly earnings which beat the analysts expectations, but disappointed investors
Australian shares retreated from record highs as geopolitical tensions dampened investor sentiment. The S&P/ASX 200 Index fell 31 points, or 0.4%, to 8351.6, with energy stocks leading declines, down 1%. Santos dropped 1%, weighing on the sector.
Stocks climbed overnight, despite an escalation from Russia by lowering the Kremlin’s threshold to authorise a nuclear strike. The rally was led by a jump in technology shares as investors eagerly awaited results this week from Nvidia
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