Australian shares are rallying.
It follows another strong run on Wall Street sparked by market optimism following president Donald Trump’s speech to Congress.
The S&P500 closed 1.4% higher at a record 2,395.96, with financial shares leading the charge on the prospect of higher interest rates soon benefiting the banking sector.
“The US president’s re-iteration of a commitment to a massive infrastructure spend and tax reform inspired gains,” says Michael McCarthy, chief market strategist at CMS Markets Australia.
“The US rally is all the more remarkable as interest rate markets responded to Fed speak of a potential lift at the March meeting.”
On the ASX market, all sectors were in the green.
A short time ago, the ASX200 was at 5,764.00, up 59.20 points or 1.04%.
The banks and the big miners led the rally.
Rio Tinto was 3.1% higher at $63.28 and BHP 2.6% to $25.53. South32 was up 7.8% to $2.68.
The ANZ Bank as up 1.4% to $31.48 and the Commonwealth 1.2% to $83.82.