End-of-day summary:
Aussie shares rose for a second week as a retreat in bond yields indicated global investors were less concerned about the risk of further interest rate hikes.
The ASX 200 rallied 42 points or 0.55% this afternoon to extend its tally for the week to 53 points or 0.7%. Consumer stocks, REITs and tech companies led today's advance. Gold miners were among the few drags as all 11 sectors made headway.
Today's advance was the index's fourth in five sessions. However, the biggest move of the week was a sharp reversal on Wednesday that sent the index back to where it started on Monday.
The mood on global markets turned more supportive on Wednesday night when the US Federal Reserve declared the next move in rates was still likely to be a cut. Treasury yields began to retreat and continued overnight, helping the S&P 500 rise 0.91%.
