ASX 200 Soars to Five-Month High on Wall Street Gains and Strong Earnings

The Australian ASX 200 index surged to its highest level in five months on August 4, rising by 1.28% or 115 points to 9134 at 3:45 pm AEST.

The gains were driven by a solid night on Wall Street and better-than-expected earnings from companies in the US, including Palantir which saw its share price jump 14.97% after reporting strong quarterly results.

The Federal Reserve's decision to keep interest rates on hold also supported the rebound, as did resilient data that showed Australia's household spending increasing by 0.8% in June, exceeding forecasts.