Australian shares set a new all-time high on Tuesday as gains from Wall Street Markets pushed the index above the 8500 mark for the first time earlier in the day.

The S&P/ASX 200 Index rose 0.6% or 47.3 points to close at 8495.2.

Asian stocks rose, driven by a strong tech sector after the Nasdaq and S&P 500 scored record closing highs, Reuters reported.

While US manufacturing activity showed improved performance in November, Wall Street investors also await the country's employment report, private sector job growth data, the ISM's services report, and the Labor Department's weekly jobless claims, Reuters added.

In domestic news, Australia's seasonally adjusted current account deficit widened by AU$2.2 billion to AU$14.15 billion in the September quarter as trade surplus fell to its lowest level in more than six years.

Australian consumer optimism prevailed in late November, with the ANZ-Roy Morgan consumer confidence rising 2.7 points to 88.4 in the week ended Dec. 1, marking the highest since May 2022, ANZ Research reported.

In corporate news, Woolworths Group (ASX:WOW) said its Australian food sales have been negatively impacted by about AU$50 million to date due to the indefinite strike action by its employees who are members of the United Workers Union.

Insurance Australia Group (ASX:IAG) reaffirmed its guidance of "mid-to-high single-digit" growth in gross written premium for fiscal 2025.

Collins Foods (ASX:CKF) reported earnings of AU$0.203 per share for the first half of fiscal 2025, down from AU$0.247 per share for the period ended Oct. 15, 2023. The company's shares fell past 4% at market close.