INSANE: Aussie shares hit third all time high in a week | Rare Historical Photos

The local share market has rallied to its third all-time high in a week after US economic data improved the prospects of the Federal Reserve cutting interest rates in December.

The benchmark S&P/ASX200 index on Tuesday finished up 47.3 points, or 0.56 per cent, to 8,495.2, while the broader All Ordinaries rose 49.7 points, or 0.57 per cent, to 8,754.7.