Day traders' after-market lounge November 15

Thanks afternoon crew.

End-of-day summary:

Hopes for an end to US rate rises helped propel Australian shares to an eight-week high following strong gains on Wall Street.

The ASX 200 rallied 99 points or 1.42% to 7106, its highest close since September 20. Property stocks, tech companies and other rate-sensitive pockets of the market soared after weaker-than-expected US inflation data convinced some investors the Federal Reserve is done with rate hikes.

The S&P 500 jumped 1.91% overnight, its biggest rally since April. US equity futures remained buoyant this afternoon. At the Australian close, S&P 500 futures were trading 0.23% ahead.

Bond yields plunged after core US inflation fell to a two-year low. The yield on 10-year Australian government bonds dropped 15 basis points to 4.525%.

Data this morning showed Australian wages grew last quarter at the fastest pace on record, and Chinese growth remained on track for 5% this year after factory output and retail sales increased more than expected.