Market Wrap / record reset

The local searched for direction for most of the day and managed a mildly positive finish with the S&P/ASX 200 up 7 points at 8603, gaining 1% for the week, a new record high proving elusive.

This is despite a strong lead in from Wall Street with the Nasdaq and S&P500 reaching fresh highs off the back of stronger-than-expected jobs numbers. 

Tech stocks were among the best performers locally, while the miners suffered from some profit-taking with Rio Tinto receding by 1.3%.The banks were mixed with CBA continuing its sell-off to begin the new financial year, falling 1%, while ANZ rose 0.8%. Elsewhere in the financials, AMP rose 5.2% on a broker upgrade. In company news, Santos signed a LNG supply contract with QatarEnergy and Cleanaway rose 0.7% after the ACCC approved its $377m acquisition of Contract Resources.Meanwhile, the real-estate and consumer sectors registered gains, ahead of the RBA rate decision next Tuesday.

Tonight, US markets are closed for Independence Day.