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Investors have enjoyed some whopping gains on the Australian share market, particularly in energy and materials, due to expectations of greater economic stimulus in the US after the Democrats secured power in the Senate.

The S&P/ASX200 benchmark index closed higher by 104.9 points, or 1.59 per cent, to 6712 on Thursday.

The gain was the best for the index since the 1.72 per cent rise of November 11.

The All Ordinaries closed better by 99.1 points, or 1.44 per cent, at 6980.5.

The energy and materials sectors rose by more than four per cent. Financials rose 2.42 per cent.

The ASX followed US markets higher. Investors expect US President-elect Joe Biden to deliver more economic stimulus since his party claimed the final two Senate seats in Georgia, crucial to the balance of power.

The Aussie dollar was buying 77.91 US cents at 1623 AEDT, higher from 77.73 US cents at the close of trade on Wednesday.