The benchmark S&P/ASX200 index finished at an all-time high for the ninth time in 2024. -AAP Image
The local share market has enjoyed its best performance in 20 months, surging to a record high for the ninth time this year after a cooling inflation report opened the door for interest rate cuts in 2024.
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The benchmark S&P/ASX200 index was on Wednesday gained 139.1 points, or 1.75 per cent, to 8,092.3, while the broader All Ordinaries rose 143.8 points, or 1.76 per cent, to 8,320.4.
The gains were the best since a 2.8 per cent rally on November 11, 2022, and propelled the ASX200 past its previous record close of 8,057.9 set 15 days ago.
The Australian dollar, meanwhile, had dropped under 65 US cents for the first time since April 30 as markets repriced the possibility of rate cuts this year.
The Aussie was buying 64.97 US cents, from 65.61 US cents at Tuesday's ASX close.
