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%.
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Thanks afternoon crew. End-of-day summary: The share market...
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