The ASX soared this afternoon after the RBA cut interest rates and ahead of tonight’s Federal Budget.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 2.1% to 5353 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1.9% to 5415 points
  • AUD/USD at US 75.70 cents
  • Iron Ore at US$66.24 a tonne, according to the Metal Bulletin
  • Gold at US$1,293.14 an ounce
  • Brent oil at US$46.22 a barrel

The Australian share market soared to a new 2016 high today, driven by the RBA’s decision to cut interest rates to a record low of 1.75%. The banks led the charge despite another disappointing earnings result from Australia and New Zealand Banking Group  (ASX: ANZ).

ANZ’s shares soared 5.6%, making it one of the best shares from the ASX 200 even though it cuts its dividend for the first time since the Global Financial Crisis.

Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) also gained 3.7% and 3.8%. Westpac Banking Corp (ASX: WBC) rose 2.3%.

Meanwhile, Telstra Corporation Ltd (ASX: TLS) and Wesfarmers Ltd (ASX: WES) rose 2.4% and 1.1%.

Fortescue Metals Group Limited (ASX: FMG) lost 3.2%, while Surfstitch Group Ltd (ASX: SRF) was slammed 53.6%.

Here are Tuesday’s top stories:

  1. RBA cuts interest rates to 1.75%: Here’s what you need to know
  2. ANZ cuts dividend… A green light for the RBA to also cut?
  3. Australia and New Zealand Banking Group reports: 5 things you need to know
  4. Are bank shares a bargain?
  5. Surfstitch Group Ltd shares could crash today: Earnings and margins fall
  6. Rate cuts will spur Australian property market higher
  7. Buy these 4 ASX dividend shares before you buy the banks

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.