ASX tops 8000 as rates rally sweeps global markets
Australia’s sharemarket made history by closing above 8000 points for the first time buoyed by hopes that the United States is on the cusp of cutting interest rates, but fund managers warn the bull market is at risk if the Reserve Bank returns to tightening.
Commonwealth Bank shares capped their pace-setting role in the rally claiming a record high of $132 apiece, and helping the benchmark S&P/ASX 200 finish 58.3 points higher at 8017.6 points. There were no losing sectors on Monday.
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