REMEMBER WHEN

THE Australian stock market smashed through to a new record high, buoyed by the reelection of US President George W. Bush.

It was the eighth consecutive daily record reached on the ASX and it was a confidence mirrored on Wall Street, in Japan and Hong Kong.

ABN AMRO Morgans director of equities Bill Chatterton said the market’s focus was firmly on the US election and News Corp’s listing on Wall Street.

“With News Corp’s listing in the US today it’s giving the market a fair kick along,’’ said Mr Chatterton.

“The US elections also helped because of the fact that we’re getting more of the same ... and the markets don’t usually like change.’’

The Dow jumped more than 100 points as soon as the result looked certain. Defence sector, drug company and tobacco stocks soared, as investors assumed a Bush policies would be kinder. Biotech and stem-cell research companies took a hit in response to the President’s conservative line.

The confidence of the international markets was matched in the White House with President Bush emboldened by a clear election mandate and ready to launch an agenda for change in America and much of the world.

After an agonising overnight wait, President Bush claimed victory and called on Americans to unite after a divisive and bitter campaign.

Bush remained in office until January 2009 but after the rosy financial new surrounding his 2004 election victory, he presided over the 2008 financial crisis.