ASX rallies to 11-week high after Wall Street tech surge
The ASX climbed 1.1% as US markets surged overnight, with the S&P 500 up 2.5%, the Nasdaq 2.8%, and chip stocks 6.5%.
The ASX closed at 1.1% higher on Tuesday, driven by an overnight rally on Wall Street where investors grew more confident about artificial intelligence stocks. The S&P 500 jumped about 2.5%, the Nasdaq 2.8%, and chip stocks around 6.5%.
The ASX 200 reached an 11-week high, with small caps leading the surge, up 2.3%. Industrials climbed 2.3% and real estate 2.2%.
Monadelphous Group was among the best performers, jumping more than 10% after guiding to first-half profit of $80m to $85m, well ahead of what the market expected. Oil fell about 6% to around US$92 a barrel after US president Donald Trump played down the risk of another major attack on Iran.
- 1.1%
- ASX gain
- 2.5%
- S&P 500 gain
- 6.5%
- Chip stocks gain
- 6% to US$92 per barrel
- Oil price fall
Why it mattersAustralian investors who follow global markets are seeing their portfolios recover after last week's AI selloff, signalling renewed appetite for tech and growth stocks.
AustraliaThe ASX is back near August record levels, boosting investor sentiment and retirement savings. Small-cap stocks benefited most, offering potential gains for Australian growth investors.
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