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ASX down 1.02%: Wall Street rallies on Tech

Australian shares have surged as they followed a tech rally on Wall Street due to positive US labor data, which boosted economic optimism and downplayed concerns about Federal Reserve interest rate cuts. The S&P/ASX 200 is 1.02 per cent higher at 7,421.40, while the All Ordinaries also made similar gains. Meanwhile, iron ore prices rebounded, oil prices rose amid Middle East tensions, and the Australian dollar faced potential depreciation due to concerns about the Chinese economy and anticipated interest rate cuts.

The SPI futures are pointing to a rise of 78 points.

Best and worst performers

All sectors are in the black. The best-performing sector is Information Technology, up 2.34 per cent. The sector with the fewest gains is Utilities, down 0.13 per cent.

The best-performing large cap is Yancoal Australia (ASX:YAL), trading 9.03 per cent higher at $5.735. It is followed by shares in The Lottery Corporation (ASX:TLC) and Whitehaven Coal (ASX:WHC).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 2.75 per cent lower at $6.01. It is followed by shares in Infratil (ASX:IFT) and Boral (ASX:BLD).

Commodities and the dollar

Gold is trading at US$2025.70 an ounce.

Iron ore is 2.7 per cent higher at US$131.05 a tonne.

Iron ore futures are pointing to a 0.85 per cent rise.

One Australian dollar is buying 65.86 US cents.