The sharemarket rode a wave of Reserve Bank support over the first week of profit reports this earnings season, punctuated by takeover news, forecasts for rising residential property prices, and a slightly softening Australian dollar.

The big banks and businesses leveraged to the economy helped the S&P/ASX 200 rebound 3.5 per cent higher for the week, after a 2.8 per cent decline the week previous, whipsawed by wild trading in US-listed Reddit favourite GameStop.