Australian shares have joined a new Trump rally, crossing 5700

Scott Barbour/Getty Images

Australian shares jumped higher on the back of a rally in the US.

The ASX200 smashed through the key 5700 mark on the index. At the close, it was at 5,720.60, up 55.98 points or 0.99%.

On Wall Street overnight the S&P500 closed 0.6% higher after president Donald Trump made comments promising details of tax cuts soon.

On the local market, the major banks and big miners led the charge.

Westpac was up 1.3% to $32.73, BHP 1.8% to $25.88 and Macquaire Bank 1.79% to $85.09.

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