Market Wrap: ASX soars on interest rate expectations

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

BRAND NEW! Our Top Dividend Stock for 2016

Our resident dividend expert names his Top Dividend Share for 2016. Not only are the shares dirt cheap, the company is trading on a juicy, fully franked dividend yield. Simply click here to gain access to this comprehensive FREE investment report, including the name of this fast growing ASX dividend share. No credit card required!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.