The benchmark S&P/ASX200 index on Monday finished at 8,252.8, up 38.3 points, or 0.47 per cent from Friday's close and just 17 points below its all-time closing high set on September 30.
The broader All Ordinaries rose 38 points, or 0.45 per cent, to 8,529.5.
The gains came after another record day on Wall Street on Friday, where the S&P500 set its 45th all-time high for the year as JP Morgan and Wells Fargo kicked off US earnings season with better-than-expected third-quarter results.
Also on Saturday, China's finance minister promised the country would significantly increase government debt issuances to help stabilise the world's second-biggest economy.
While the announcement was short on details, the ASX's China-reliant mining sector was the biggest gainer on Monday, rising 1.3 per cent.
BHP grew 0.9 per cent to $43.80, Fortescue climbed 2.8 per cent to $20.02 and Rio Tinto added 1.2 per cent to $121.00.
Goldminers also rose as the precious metal changed hands at $US2,658 an ounce, with Evolution climbing 2.8 per cent and Northern Star adding 2.3 per cent.
All of the big four banks were higher as well, following the lead of JP Morgan and Wells Fargo.
ANZ rose 1.6 per cent to $30.86, Westpac climbed 0.6 per cent to $31.05 and NAB and CBA both added 0.9 per cent, to $37.63 and $136.82, respectively.
Elsewhere, WEB Travel Group plunged 35.6 per cent to a nearly two-year low of $4.53 after the business-to-business marketplace for the travel industry downgraded guidance provided a month and a half ago.
Margins had been impacted by override agreements in place with its customers, which were now under review, the company said.
WEB Travel was formerly known as Webjet Limited, but it spun off the business-to-consumer travel marketplace last month into a new company, Webjet Group, whose shares on Monday were down 5.2 per cent to a one-week low of 91 cents.
Seek rose 1.1 per cent to $25.24 as the job-search platform said it had entered into exclusive talks to acquire Xref, an ASX-listed HR and recruitment tech company.
Xref shares soared 51.9 per cent to a 13-month high of 20.5 cents, not far from Seek's tentative takeover offer of 21.8 cents.
Appen continued charging higher, climbing 7.4 per cent to a more than one-year high of $2.33 amid enthusiasm for all things AI.
APX shares are up 18.9 per cent this week and 269.8 per cent so far this year, although they have a ways to go before they reach their 2020 peak of $38.59.
The Australian dollar was buying 67.42 US cents, from 67.41 US cents at Friday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Monday up 38.3 points, or 0.47 per cent, at 8,252.8
* The All Ordinaries gained 38 points, or 0.45 per cent, at 8,529.5
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.42 US cents, from 67.41 US cents at Friday's ASX close
* 100.58 Japanese yen, from 100.22 yen
* 61.69 euro cents, from 61.64 euro cents
* 51.59 British pence, from 51.67 pence
* 110.52 NZ cents, from 110.48 NZ cents
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