Day traders' after-market lounge June 3

Thanks afternoon crew.

End-of-day summary:

The share market swept to a second day day of gains after the Dow had its best day of the year and a fall in domestic inflation rekindled hopes for interest rate cuts.

The ASX 200 rallied 59 points or 0.77% to 7761. Utilities, REITs and banks led the charge after the Melbourne Institute's measure of annual headline inflation dropped to 3.1% last month from 3.8% in April.

Energy stocks rose after the OPEC+ oil cartel extended production caps until the end of next year. The materials sector gained 0.41% despite a 3.1% drop in Chinese iron ore prices this afternoon to a six-week low.

The Dow flew up 1.51% on Friday after a measure of US inflation came in as expected. The S&P 500 gained 0.8%.