The stockmarket pushed past the key 5000 level for the first time in almost three years and stayed there, after strong earnings results and a surge in consumer confidence suggested deep interest-rate cuts were doing the job of bolstering the economy.
Bank shares surged after Commonwealth Bank of Australia, or CBA, posted its half-year result a record net profit of $3.66 billion and gave a rosy outlook statement.
Source:
http://www.theaustralian.com.au/business/markets/asx200-passes-5000-and-holds-gains-on-cba-profit-consumer-confidence/story-e6frg916-1226576885038
