End-of-day summary:
The share market had its best day in more than three weeks with bond yields retreating as investors reassessed the likelihood of further rate hikes.
The ASX 200 climbed 70 points or 1.01% to 7041, its first close above 7000 in a week.
Today's advance was the index's fourth in a row for the first time in five weeks. Utilities, tech stocks, telcos and REITs outperformed in a rally that lifted all 11 sectors.
Buying interest was encouraged by revived hopes that global rates have topped out and by signs that growth in business costs is cooling. Bond yields in the US and here fell sharply after two Federal Reserve officials indicated overnight that the recent surge in long-term interest rates might allow the central bank to leave the target federal funds rate unchanged at its next meeting.
The cost of doing business has continued to back off recent highs, according to NAB data. Labour costs increased by 2% over the last three months, compared to growth of 3.2% the previous quarter. Purchasing costs increased by 1.8%, versus a prior reading of +2.9%.
