SYDNEY, AAP – Investors have continued to claw back last week’s losses on the ASX and had a third consecutive day of gains.

Technology shares surged by five per cent on Tuesday and most categories were higher, in a performance that defied a mixed US lead.

A Reserve Bank decision to keep the cash rate at 0.1 per cent made little difference to investors.

The benchmark S&P/ASX200 index closed up 47.4 points, or 0.67 per cent, to 7096.5 points.

The ASX200 is a little more than 500 points from its record high, set in August last year.

The All Ordinaries index closed higher by 62.1 points, or 0.85 per cent, to 7385.3 points.

The Australian dollar was buying 72.59 US cents at 1620 AEDT, more than the 71.85 US cents at Monday’s close.