ASX pushes past 8600 amid retail surge

The Australian share market closed above the 8600-point mark for the first time ever, with the S&P/ASX 200 Index gaining 7.2 points to finish at 8603 on Friday. Investor sentiment was buoyed by expectations that the Reserve Bank of Australia (RBA) will cut interest rates next week, prompting a rally in retail stocks. Wesfarmers Limited (ASX: WES) edged up 0.8 per cent, while Aristocrat Leisure Limited (ASX: ALL) and Premier Investments Limited (ASX: PMV) each rose 1.4 per cent. The index also recorded a 1 per cent weekly gain, with eight of the eleven sectors finishing in positive territory.

Banks and miners diverge as CBA slides

Despite gains among major banks, Commonwealth Bank of Australia (ASX: CBA) extended its recent downturn, falling 0.9 per cent to $178 and marking a 7.2 per cent decline from its record high. In contrast, Australia and New Zealand Banking Group Limited (ASX: ANZ), Westpac Banking Corporation (ASX: WBC), and National Australia Bank Limited (ASX: NAB) posted modest advances. Weakness in the materials sector weighed on the market, with BHP Group Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) down 1.4 per cent and 1.3 per cent, respectively. Meanwhile, Silk Logistics Holdings Limited (ASX: SLH) surged 23.3 per cent after the Australian Competition and Consumer Commission (ACCC) cleared its acquisition by DP World Australia, and ARB Corporation Limited (ASX: ARB) climbed 3.6 per cent on a Citi upgrade.

US markets

The United States markets were closed on Thursday in observance of Independence Day.