The Dow advanced 522.09 points, or 1.26%, ending at 42,025.19, marking its first close above the 42,000 threshold. The S&P 500 rose 1.7% to close at 5,713.64, topping 5,700 for the first time. The Nasdaq Composite surged 2.51% to end at 18,013.98.

ASX to rise. SPI Futures up 31 points (+0.38%).

COMMODITIES

• Biden administration nears approval for ioneer's Nevada lithium mine.
• Saudi Arabia's crude oil exports in July hit almost one-year low.
• Oil ends more than 1% higher on US rate cut, declining crude stockpiles.
• Gold gains over 1% as Fed begins deeper rate-cut cycle.
• Copper hits two-month high after Fed's bold rate cut.
• Iron ore climbs on China stimulus hopes, softer stockpiles.

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