The benchmark Australian stock index has smashed past the 7,000 point level for the first time ever on a wave of investor confidence from a signed trade deal between the US and China.

The S&P/ASX200 index on Thursday gained 47 points, or 0.67 per cent, to finish at 7,041.8 points, setting a new record for a third straight day.

The broader All Ordinaries gained 45.1 points, or 0.63 per cent, to similarly set a record high of 7,158.6.

The Australian dollar was buying 69.07 US cents, up from 68.96 US cents at Wednesday’s close.