Share This article Share The Dow Jones Industrial Average rose 2.8 per cent to 24,065.75.
The S&P 500 rose 2 per cent, adding more than 7 points to its all-time high.
The Nasdaq gained 2 per of a percentage point, with the tech sector surging 3 per cent.
The FTSE 100 fell 2.7 per cent and the FTSM rose 0.6 per cent as investors piled into the Dow.
The Australian dollar fell to a six-month low against the US dollar at 93.99 US cents US.
The index was last up 3.6 points on Monday, after a jump of 4.2 per cent on Monday.
“This is a bullish time for Australia’s financial markets,” said Chris Karpinski, chief economist at Commonwealth Bank.
“The S&am, the Australian dollar, is down a little bit on the dollar, so we expect that to translate into higher asset prices for Australian businesses, so that’s good news for the country.”
But many of the markets also fell.
The UK fell 1.6pc, while the US was down 1.1pc.
The dollar was last down 0.9 per cent against a basket of currencies.
S&!s fell 1 per cent while the S&p fell 2 per.
Gold also lost 0.2pc.’
You just can’t go wrong with this kind of money’ The stock market has been buoyed by a surge in the value of Chinese stocks, which have soared in value since the start of the year.
China’s share prices have risen by more than 20 per cent in 2017 to more than $2tn, according to Bloomberg.
But the country’s growth rate is expected to slow this year to a mere 2.5 per cent from its current rate of 4 per cent next year.
“We have seen the market go up and then a little over a month ago we have seen another stock market rally, and that’s really the big picture,” Ms McManus said.
“We can’t just continue on this way.”
“We just can, so it’s very hard to argue that we don’t have a problem here,” she said.
The US stock market is also benefiting from a rally in Chinese stocks.
Last week, China’s central bank announced it was raising interest rates for the first time in three years, the first since 2010.
It also cut the number of reserve requirements on Chinese bonds, which the government says will help to boost demand.
“There are lots of reasons why stocks have gone up in China,” Ms Schulz said.
“One is that China has got a huge appetite for exports, and now the government is loosening those restrictions and allowing for a lot more investment.
The second reason is the Chinese economy is going through a major adjustment and the Fed is looking at how to deal with the economic slowdown, so there are lots more reasons why stock prices have gone through this incredible rally.””
It’s not just about the stock market, but also the government spending that’s going on.
It’s really a massive, massive stimulus, which is very, very good news,” she added.
Topics:business-economics-and-finance,stock-market,finance-and,federal-government,business-administration,business,factory-production-organisations,energy,energy-and -environmental-products,energying-and/or-utilities,energy_and-utility-sector,china,united-statesFirst posted January 30, 2018 10:53:14Contact Nick MeyersMore stories from New South Wales