Market Wrap: ASX soars on interest rate expectations

Shares of Commonwealth Bank of Australia (ASX:CBA) led the S&P/ASX 200 (Index:^AXJO) (ASX:XJO) higher today.

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The local share market flew higher today, although it did pare back some of its gains late in the session

Here's a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1% to 5168 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1% to 5226 points
  • AUD/USD at US 75.90 cents
  • Iron Ore at US$53.57 a tonne, according to the Metal Bulletin
  • Gold at US$1,256.55 an ounce
  • Brent oil at US$40.65 a barrel

The ASX climbed as much as 1.5% during today's session after the US Federal Reserve lowered its expectations regarding how many times it would hike interest rates in 2016. The Australian dollar soared as a result, hitting a high of US76.2 cents.

Again, it was the banks and miners producing plenty of energy today. Commonwealth Bank of Australia (ASX: CBA) was the best of the big four, rising 1.8%, while Fortescue Metals Group Limited (ASX: FMG) and BHP Billiton Limited (ASX: BHP) rose 9.1% and 2.4%.

Santos Ltd (ASX: STO) climbed 5% as well, and Sundance Energy Australia Ltd (ASX: SEA) lifted 6.8%.

Myer Holdings Ltd (ASX: MYR) and Mesoblast limited (ASX: MSB) were two of the market's best today, rising 12.7% and 15.7%. Slater & Gordon Limited (ASX: SGH), on the other hand, fell 5.2%.

Here are Thursday's top stories:

  1. Myer Holdings Ltd reports: Are the shares a bargain?
  2. BOOM! Why the OrotonGroup Limited share price soared 27% today
  3. Here's why your blue-chip dividend shares are in danger
  4. Is Primary Health Care Limited a takeover target?
  5. Blackmores Limited and Bega Cheese Ltd target more growth in China
  6. US Federal Reserve decision boosts Australian dollar
  7. 3 ASX shares for intelligent investors
Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest. 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.

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