AU Evening Wrap: ASX Extends Rally on Hopes of Fed Rate Cuts

$S&P/ASX 200 (.XJO.AU)$ closed 0.65% higher at 7537.9, moving to within 91 points of its record close. The benchmark index jumped early tracking Wall Street's rally as investors further position for the US Federal Reserve to start cutting interest rates next year. Ten of 11 sectors finished higher on Wednesday, with only tech losing ground.

Banks $CommBank (CBA.AU)$, $National Australia Bank Ltd (NAB.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$ and $Westpac Banking Corp (WBC.AU)$ put on between 0.3% and 1.0%.

Lithium stocks led gains by miners, while $Rio Tinto Ltd (RIO.AU)$ and $BHP Group Ltd (BHP.AU)$ inched higher by 0.1% and 0.4%, respectively.