The sharemarket closed at an 11-week high on Tuesday after a relief rally in US stocks was spurred by China and America pulling back from a months-long trade war.

The S&P/ASX 200 rose 0.4 per cent, or by 35.5 points, to 8269 points, its highest level since late February. Seven of the 11 sectors rose, with technology boosted by a stunning rally in the US sector. The All Ordinaries climbed 0.5 per cent.

Wall Street celebrated the news that America and China agreed to dramatically lower tariffs on each other for 90 days and committed to “continued communication”. The Nasdaq soared 4.4 per cent led by strong gains in the magnificent seven technology giants. Amazon leapt 8.1 per cent and Meta 7.9 per cent.

The celebratory mood also hit commodities, driving iron ore back near the $US100 a tonne mark and Brent oil above $US64 a barrel, while gold slumped as investors dumped haven assets in favour of risk.