By Oliver Gray
Investing.com - The S&P/ASX 200 added 70.2 points or 1% to fresh 7-month highs of 7,354.4 during Thursday’s session as market participants cheered prospects of smaller interest rates hikes from U.S. Federal Reserve policymakers.
Among stocks, Materials outperformed, rallying 2.7% overall. Rio Tinto Ltd (ASX:RIO) lifted 3.2%, BHP Group Ltd (ASX:BHP) gained 2%, Fortescue Metals Group Ltd (ASX:FMG) added 3% and Champion Iron Ltd (ASX:CIA) rallied 5.4%.
Industrials and Utilities added 0.3% and 1.2% respectively, with Reece Ltd (ASX:REH) adding 3.2% and Brambles Ltd (ASX:BXB) up 0.7% while Origin Energy Ltd (ASX:ORG) added 1.2%, AGL Energy Ltd (ASX:AGL) gained 1.3% and Genesis Energy Ltd (ASX:GNE) lifted 5.8%.
On the bond markets, Australia 10-Year rates were at 3.49% while United States 10-Year rates were at 3.609%.
In New Zealand, the NZX 50 added 0.9% to 11,654.6.