The Australian sharemarket powered to a record high on Tuesday, following in the footsteps of bourses in the US and Europe that also hit uncharted territory overnight.

The S&P/ASX 200 Index climbed 0.9 per cent, or 67.2 points, to a new record closing high of 7379.5, eclipsing Friday’s record close of 7312.3. It reached an intraday peak of 7398.6 during the session.