ASX surpasses 8000 as tech stocks rally.

The Australian sharemarket climbed above 8000 for the first time amid a broad rally, buoyed by speculation that the US Federal Reserve might begin its rate-cutting cycle with a half-percentage point move.

The benchmark S&P/ASX 200 Index rose 0.6 percent, or 45.8 points, to 8005.1 as of 2:39 pm AEST, with all 11 sectors in the green. This followed a strong lead from Wall Street, where the S&P 500 reset its record high and the Dow Jones reclaimed the 40,000 level as traders increased bets on a US rate cut.

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