Day traders' after-market lounge July 4

Thanks afternoon crew.

End-of-day summary:

The share market had its best day in more than a week as a rebound in commodity prices powered miners clear of recent eight-month lows.

The ASX 200 jumped 92 points or 1.19%. Fuelling the rally were overnight gains in iron ore, copper, nickel, gold, silver and oil after soft US economic data knocked the greenback lower.

Takeover speculation helped lift Santos 4.17%. Also strong were Bellevue Gold, Arcadium Lithium, Mineral Resources, BHP and Fortescue Metals.

The S&P 500 and Nasdaq hit new heights overnight as traders bet a slowing economy will encourage the Federal Reserve to lower rates. The odds on a September rate cut climbed above 70%.

The Nasdaq closed 0.88% higher at the end of a holiday-shortened session on the eve of Independence Day. The S&P 500 put on 0.51%.