SYDNEY — The S&P/ASX 200 Index climbed 84.5 points, or 0.96%, to close at 8,878.1 on Thursday, May 7, 2026, snapping a string of recent losses as easing oil prices on renewed U.S.-Iran ceasefire optimism and record Wall Street closes fueled a broad-based rally across mining, banking and energy stocks.

The benchmark Australian share index opened strongly and maintained gains throughout the session, with materials and financials leading the advance amid improved global risk sentiment. The broader All Ordinaries also rose solidly, reflecting widespread participation beyond the top 200 companies.

Thursday's rebound provided welcome relief after the ASX 200 had endured multiple losing sessions in recent weeks amid Middle East tensions, Reserve Bank of Australia rate hikes and mixed domestic corporate earnings. The 0.96% gain marked one of the stronger daily performances in May and helped lift the index off recent lows.

Drivers Behind the Rally

Global cues were overwhelmingly positive. U.S. markets hit fresh records overnight, with the S&P 500 and Nasdaq climbing on strong tech earnings from companies like AMD and continued optimism around artificial intelligence. Easing oil prices, which briefly dipped below $100 per barrel on ceasefire progress, reduced inflationary fears and supported a risk-on mood.

In Australia, the materials sector outperformed as iron ore and copper prices........

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