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ASX up 0.74% near noon: Financials is best perfomer

The S&P/ASX 200 reached a record high of 7802 points fueled by a surge in stocks related to artificial intelligence, echoing the trend that propelled the S&P 500 and Nasdaq to all-time highs on Wall Street. Additionally, Commonwealth Bank and other major banks achieved fresh record or multi-year highs, while the technology sector and dual-listed Virgin Money saw significant gains, with Nvidia, an artificial intelligence bellwether, soaring to a record high of $US926.69 per share on a market cap of $US2.3 trillion ($3.5 trillion) in the US.

At 11:30am, the S&P/ASX 200 is 0.74 per cent higher at 7,820.90.

The SPI futures are pointing to a rise of 63 points.

Best and worst performers

All sectors are in the black. The best-performing sector is Financials, up 1.44 per cent. The sector with the fewest gains is Industrials, up 0.08 per cent.

The best-performing large cap is BlueScope Steel (ASX:BSL), trading 1.98 per cent higher at $22.62. It is followed by shares in Mercury NZ (ASX:MCY) and Reece (ASX:REH).

The worst-performing large cap is GQG Partners (ASX:GQG), trading 2.01 per cent lower at $2.195. It is followed by shares in Brambles (ASX:BXB) and Whitehaven Coal (ASX:WHC).

Commodities and the dollar

Gold is trading at US$2168.40 an ounce.

Iron ore is 1.1 per cent higher at US$119.00 a tonne.

Iron ore futures are pointing to a 1.2 per cent fall.

One Australian dollar is buying 66.18 US cents.