End-of-day summary:
The Australian share market's recovery from the Trump tariff-panic sell-off neared completion this afternoon as positive US leads and rate-cut optimism encouraged buyers.
The ASX 200 rallied 75 points or 0.89% to close just 14 points below its February record close. The Australian stock benchmark has recovered more than 1,300 points since the 2025 low on April 7.
Banking and resource stocks steered the market higher this afternoon. Heavyweight gainers included Woodside Energy, Macquarie Group and Fortescue. Uranium and lithium miners also had a strong day. Drags included Telstra, supermarkets and gold miners as investors rotated into risk assets.
The market accelerated its advance after weak Q3 economic growth figures bolstered the case for more interest rate cuts this year. Gross domestic product grew just 0.2% through the first three months of the year - half the rate forecast by economists.
US stocks rose overnight as a bounce in job vacancies soothed concerns about the employment market. The S&P 500 gained 0.58%.
