ASX Gains 1pc, Powell Sparks Wall St Rally; Domino’s to Raise $165m
The Australian Financial Review2022-12-01
Australian shares opened Thursday up 1 per cent tracking a rally on Wall Street as traders cut bets on the US peak interest rate.
Wall Street ended sharply higher afterFed chairman Jerome Powell signalled the Federal Reserve will slow the pace of interest-rate increases next month. The S&P 500 closed 3.1 per cent higher while the Nasdaq 100 climbed 4.6 per cent.
Technology and materials stocks led the S&P/ASX 200 up 1 per cent or 76 points to 7,360.2 at the open, gaining 2 per cent and 2.2 per cent respectively. Only the energy sector was lower, down 0.8 per cent.
Megaport led the gainers, up 6.7 per cent alongside Block, Remelius Resources, Seek and Xero. Woodside fell 1.9 per cent.
The Australian dollar was last trading at 68¢.
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