Miners drive the ASX to a record high after the Fed implements a significant rate cut.

The Australian sharemarket surged to new highs on Thursday, closing at a record level despite a midday dip that erased its morning gains.

The S&P/ASX 200 surpassed 8200 points during afternoon trading before slipping slightly to finish 49.8 points higher, or 0.6%, at 8191.9. Six of the 11 industry sectors gained, with utilities and mining leading the rise, while industrials and healthcare stocks saw the biggest declines.

The record close followed a major interest rate cut by the US Federal Reserve to support the world’s largest economy, alongside data showing Australia’s unemployment rate remained steady.