Xero Ltd (XRO.AU) experienced a remarkable surge in its stock price during the intraday trading session, soaring 10.49% on the Australian Stock Exchange. This significant uptick comes as part of a broader rally in Australian technology stocks, triggered by positive developments in global trade relations.
The catalyst for this market enthusiasm was U.S. President Donald Trump's announcement of a 90-day pause on tariffs for some nations, while also indicating temporary duties on others. This move has substantially improved global market sentiment, particularly benefiting the tech sector. The Australian tech stocks index (.AXIJ) reflected this optimism, jumping more than 11% to reach 2,339.10 points, marking its largest percentage gain since early November 2011 and hitting its highest level since March 28.
The positive ripple effects were not limited to the Australian market. Wall Street experienced a sharp rebound following Trump's announcement, with the S&P 500 (.SPX) surging 9.5% in its biggest daily percentage gain since 2008. The tech-heavy Nasdaq (.IXIC) outperformed with a 12.2% increase, while the Dow Jones Industrial Average (.DJI) closed 7.9% higher. This global tech rally has clearly boosted investor confidence in companies like Xero, leading to its impressive intraday performance.
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