ASX 200 Nears Record High as Banks Rally

October 06, 2024 10:35 PM PDT | By Team Kalkine Media

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ASX 200 Nears Record High as Banks Rally — Image source: Shutterstock

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Highlights

ASX 200 is just 5 points shy of its record high.

Banking stocks lead the market's gains.

Positive US economic data boosts global market sentiment.

The Australian share market is on the verge of setting a new record, with the S&P/ASX 200 index just 5 points away from its all-time high. As of late afternoon trading, the index rose 57.1 points, or 0.7%, to 8207.1, nearing the previous closing high of 8212.2 points set in September.

Banks Drive Market Strength

Much of today's positive performance has been fueled by gains in the banking sector. This momentum comes on the back of a strong rally in US markets, following better-than-expected labour data that eased fears of a potential economic downturn. The strong US jobs report suggested that the world’s largest economy remains resilient, which in turn boosted global investor confidence and led to gains in key sectors like banking in Australia.

Trading Volumes and Market Outlook

Despite the boost, trading volumes have been lighter than usual due to the Labour Day holiday, but this hasn’t stopped the ASX from pushing toward record territory. Last Friday, the ASX 200 broke a three-week winning streak, but today’s gains suggest that market sentiment remains positive.

With the index just points away from a new high, the final hour of trading will be crucial in determining whether the market can surpass its previous record. The combination of strong banking stocks and positive global market sentiment continues to underpin the ASX’s performance, positioning it for potential further gains in the near term.

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