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AAP
AAP
Business
Derek Rose

FORGOTTEN HISTORY: Australian shares pull back from all time high | History Defined

Jerome Powell US Federal Reserve
Every sector finished in the red on Thursday with the financial sector 1.8 per cent. (James Gourley/AAP PHOTOS)

The Australian share market has given up all of its gains from Wednesday that sent it to an all-time high after Federal Reserve chairman Jerome Powell said a rate cut next month was unlikely.

The ASX200 on Thursday plunged 92.5 points, or 1.2 per cent, to finish at 7,588.2, a day after the benchmark index rallied 80.5 points to finally push through its previous 29-month-old record high.

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