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The Australian share market has surged on hopes the US and China will reached a trade deal, with the All Ordinaries index hitting its highest closing price ever.

The All Ordinaries closed up 49.9 points, or 0.73 per cent, to 6,862.4 point, ecliping its previous peak closing price of 6,853.6 set November 1, 2007.

The benchmark S&P/ASX200 index meanwhile closed up 52.1 points, or 0.77 per cent, at 6,776.7.

The Aussie dollar moved back under 70 US cents, buying 69.85 US cents, from 70.21 US cents on Tuesday.