S&P/ ASX 200 jumps 2.61 percent to two-month high after US election rally
Published on 11/05/2026 at 22:46 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSASX 200 closes sharply higher
- The index gained 2.61 percent to 9,065.1 points on Thursday, its strongest close since September 1.
- Technology and materials shares led the advance, while energy stocks weakened as oil prices fell sharply.
- Investors responded to a Wall Street rally following the US midterm elections and hopes of easing tensions in the Iran conflict.
The S&P/ASX 200 ended Thursday's session at 9,065.1 points, up 230.6 points or 2.61 percent from Wednesday's close of 8,834.5. The benchmark finished at a fresh two-month high and recorded its strongest daily gain since April 2025, according to PerthNow.
Wall Street provides a strong lead
The Australian market followed a strong overnight performance in the United States. The Dow Jones Industrial Average rose 3.03 percent, the S&P 500 gained 1.58 percent and the Nasdaq Composite advanced 1.44 percent after Democrats won control of both chambers of Congress in the US midterm elections.
Market participants interpreted the result as potentially reducing policy uncertainty and increasing pressure for progress in the Iran conflict. Falling crude prices reinforced the positive tone for many sectors by easing concerns about inflation and future interest-rate pressure. Brent crude had fallen more than 8 percent in the previous session, according to Yahoo Finance.
Technology and miners lead advance
Eight of the 11 sectors ended higher. Information technology rose 10.09 percent, while materials gained 7.55 percent. BHP Group advanced 6.19 percent and Rio Tinto rose 6.98 percent, helping the resources-heavy index. Technology shares also benefited from the broader global equity rally, although concerns about tighter oversight of artificial-intelligence development weighed on some Asian chip markets.
Energy was the clear exception, falling 4.76 percent as lower oil prices pressured producers. Woodside Energy declined 6.02 percent and Santos lost 5.41 percent. National Australia Bank also weakened 5.37 percent after reporting a 13.4 percent decline in full-year cash earnings, while higher credit impairment charges added to the pressure on the bank.
Index context and next focus
The S&P/ASX 200 is Australia's main investable equity benchmark and measures 200 large, eligible companies listed on the Australian Securities Exchange, according to S&P Dow Jones Indices. Thursday's advance was broad, but its durability will depend on whether the decline in oil prices persists and whether global investors continue to favour risk assets. The market will also remain sensitive to developments in the Iran conflict, US policy and upcoming economic data.
Further coverage of the S&P/ASX 200 is available on the index topic page.
