Tech stocks led ASX gains following Wall Street rally
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The news: Tech stocks rallied on the ASX on Friday, following gains by Wall Street tech companies overnight, buoyed by the election of Donald Trump earlier this week.
The numbers: Information technology was the best performing sector on the ASX by 2:40pm AEDT, up 1.95% as the wider market rose 0.85%.
Australia's biggest tech stocks WiseTech (2.07%), Xero (1.33%), NextDC (1.8%), Technology One (2.1%) and Life360 (4%) were all trading higher.
The context: Each of the so-called 'Magnificent Seven' US tech giants scored gains on the Wall Street overnight. Meta Platforms (3.4%), Tesla (2.9%) Alphabet (2.4%), Nvidia (2.3%), Apple (2.1%), Amazon (1.4%) and Microsoft (1.3%) all climbed on the Nasdaq.
Trump's presidential election win sent all three of Wall Street's major stock gauges soaring to fresh record highs on Wednesday, driven by expectations for corporate tax cuts and deregulation.
Stocks were also boosted by a fresh interest rate cut from the Federal Reserve overnight, reducing its benchmark policy rate by 0.25 percentage points to the 4.50% to 4.75% range.
