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Australian stocks record 7yrs high, S&P 200 surges 1.2pc

Australian stocks record 7yrs high, S&P 200 surges 1.2pc

SYDNEY: Australia’s benchmark S&P/ASX 200 climbed to its highest level in almost seven years on Tuesday after the Reserve Bank of Australia cut interest rates to a record low of 2.25 percent.

The index extended gains, adding 1.2 percent to an intra-day peak of 5,692.7 points; it’s highest since May 2008 and on track for a ninth straight day of gains.