Commonwealth Bank of Australia hits another record high

Commonwealth Bank of Australia (ASX: CBA) continues to act as a jumping jack for the overall S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) with its shares setting yet another all-time high.

This morning Commonwealth Bank shares have soared as high as $81.94, surpassing the company’s previous high of $81.86. Given the weighting the bank has on the overall market (with a market capitalisation of $132.4 billion), the surge has helped to propel the ASX 200 to within 34 points of its multi-year high of 5554.5 points.

Of course, Commonwealth Bank’s rivals have also contributed to the effort with Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group (ASX: ANZ) sitting near all-time highs, while National Australia Bank Ltd (ASX: NAB) sharec have had a solid 18 month period.

In addition to record profits and low interest rates, investors have splurged on the banks’ shares in search of high yielding assets.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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