ASX materials shares led the ASX 200 market sectors last week, with a 2.35% gain over the five trading days.
The S&P/ASX 200 Index (ASX: XJO) rose 1.6% over the week to finish at 7,770.6 points on Friday.
Most of the week's gains for the benchmark index came on Thursday after the United States Federal Reserve meeting and the decision to leave interest rates on hold.
But what got ASX investors really excited was Fed chair Jerome Powell saying it was likely the bank would cut rates "at some point this year".
Eight of the 11 market sectors finished the week in the green.
Let's review.
Materials shares led the ASX sectors last week
The biggest materials stocks by market capitalisation are, of course, the big three ASX 200 miners.
Last week, Fortescue Ltd (ASX: FMG) shares led the pack, rising 4.5% to $24.64 over the five trading days. Mineral Resources Ltd (ASX: MIN) shares matched it, also up 4.5% to $69.15 apiece.
Rio Tinto Ltd (ASX: RIO) shares rose 2.82% over the week to finish at $120.56 per share on Friday.
And the 'Big Australian', BHP Group Ltd (ASX: BHP) rose 2.77% to $43.79 per share.
The big miners were helped by a sharply rebounding iron ore price this week. The price leapt from a nine-month low of US$102.5 per tonne on 15 March to US$111.50 per tonne on Friday.
The bump followed stronger-than-expected industrial production data out of China, which eased investors' broader economic concerns.
Also last week, gold traded at record highs above $US$2,200 per ounce due to investors' confidence that major central banks will cut interest rates soon.
This buoyed local ASX 200 gold stocks including Newmont Corporation CDI (ASX: NEM) shares, up 2.95% over the week to $52.83 on Friday, and Evolution Mining Ltd (ASX: EVN) shares, up 2.56% to $3.40.
A bunch of ASX ETFs predominantly representing international shares hit new 52-week highs last week.
They included VanEck Morningstar Wide Moat ETF (ASX: MOAT) shares, which reached $129.78, and Global X Robo Global Robotics & Automation ETF (ASX: ROBO), which hit $78.60 apiece.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five days:
| S&P/ASX 200 market sector | Change last week |
| Materials (ASX: XMJ) | 2.35% |
| A-REIT (ASX: XPJ) | 1.88% |
| Financials (ASX: XFJ) | 1.44% |
| Industrials (ASX: XNJ) | 1.36% |
| Energy (ASX: XEJ) | 1.35% |
| Healthcare (ASX: XHJ) | 0.57% |
| Information Technology (ASX: XIJ) | 0.54% |
| Consumer Discretionary (ASX: XDJ) | 0.41% |
| Consumer Staples (ASX: XSJ) | (0.51%) |
| Utilities (ASX: XUJ) | (0.33%) |
| Communication (ASX: XTJ) | (0.12%) |
