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Gains on Wall Street inspire Australian stocks to record high

Gains on Wall Street inspire Australian stocks to record high

Gains on Wall Street and expectations of a strong month end propelled Australian stocks to a record high Wednesday.
Strength in Commonwealth Bank of Australia, Westfield Holdings and Macquarie Bank had the biggest positive influence.
The benchmark S&P/ASX 200 index rose 39.5 points, or 0.7 percent, to a record high close of 5,643.2.
The index rose more than 18 percent for the year and dealers did not see anything on the horizon to disrupt the bullish trend in the short term.
"I can't see any reason why it won't hold up," said Justin Gallagher, head of Sydney sales trading at ABN AMRO, adding that the U.S. market was unlikely to capitulate any time soon.
Resources stalled after recent falls in the price of copper, but industrials outperformed, with Commonwealth Bank up 1.2 percent at A$49.30, Westfield up 2.1 percent at A$20.42, Woolworths up 1.5 percent at A$24.00, Macquarie Bank up 2.2 percent at A$77.65 and Foster's up 1.3 percent at A$6.98.
Commonwealth Bank, Westfield, Woolworths and Foster's hit records.
Most major banks improved their positions. Westpac Bank added 7 cents to A$24.29 and ANZ Bank gained 4 cents to A$28.52, but National Australia Bank gave back 8 cents to A$40.50.


Updated : 2021-02-27 03:41 GMT+08:00