SYDNEY, AAP – Shares have had their best day since October 2020 on the ASX to end an otherwise miserable week.

The market closed higher by 2.19 per cent on Friday and the consumer categories outperformed with gains of more than three per cent.

The ASX recovery follows a week in which the US Federal Reserve confirmed rates are set to rise as early as March.

The benchmark S&P/ASX200 index closed up 149.8 points, or 2.19 per cent, to 6988.1 points.

The All Ordinaries index closed higher by 151.8 points, or 2.13 per cent, to 7266.3 points.

For the week, the market lost 2.62 per cent.

The Australian dollar was buying 70.37 US cents at 1621 AEDT, lower from 70.71 US cents at Thursday’s close.