At the close on Wednesday, the S&P/ASX 200 index was up 67.7 points, or 0.8 per cent, to a seven-day high of 8199.5 points.
The broader All Ordinaries ended 68.2 points higher, or 0.8 per cent, to 8456.0.
The closing bell rang not long after voting wrapped up in the US, with Republican candidate Donald Trump taking an early lead over Democratic rival Kamala Harris, including wins in key battleground states.
Capital.com senior financial market analyst Kyle Rodda said the local share market had been influenced by a potential new Trump administration's economic policy agenda.
"The market has also been swept up in the 'Trump-trade', with the rising tide brought by huge US deficit spending lifting all boats, including those on the ASX200, despite its exposure to potentially weaker Chinese economic conditions," he said.
A second Trump presidency is expected to include tax cuts and tariffs on trading partners, depending on the make-up of Congress and passage of legislation.
The Australian dollar sunk to a three-month low, buying 65.40 US cents, down from 65.98 US cents at Tuesday's ASX close, as early election developments supported the greenback.
Bitcoin cracked an all-time high, crossing the US$75,000 mark, reflecting the Republican nominee's more favourable attitude towards cryptocurrency.
Later in the week, the Federal Reserve is tipped to deliver a 25 basis point interest rate cut and markets will focused on messaging around robust economic data.
Eight of the 11 ASX 200 sectors finished higher, led by technology, financial, consumer discretionary and industrial sectors.
Investigative software company Nuix was up 4.3 per cent and accounting software firm Xero up 2.3 per cent.
Mining stocks turned red after earlier gains, with Fortescue down 1.1 per cent, to $18.88. BHP and Rio Tinto were basically flat, at $42.60 and $119.38 respectively.
Energy stocks were also a drag, with Santos falling 2.2 per cent and Woodside 1.7 per cent.
The big banks were all higher, with CBA growing 1.1 per cent, to $145.46, NAB up 1.6 per cent, to $39.25, and Westpac gaining 1.1 per cent, to $32.26.
ANZ posted a more moderate gain of 0.6 per cent, to $31.27.
Goodman Group shares bounced around but finished 0.2 per cent lower after releasing an operating update. The board confirmed its forecasts for operating earnings per share to lift nine per cent in FY25 and a full-year distribution of 30 cents.
ON THE ASX:
* The benchmark S&P/ASX 200 index finished 67.7 points, or 0.8 per cent, at 8199.5 points.
* The broader All Ordinaries ended 68.2 points higher, or 0.8 per cent, to 8456.0.
CURRENCY SNAPSHOT:
One Australian dollar buys:
*65.40 US cents, from 65.98 US cents at Tuesday's ASX close
*100.43 Japanese yen, from 100.53 Japanese yen.
*60.69 Euro cents, from 60.66 Euro cents.
*50.66 British pence, from 50.92 British pence.
* 110.20 NZ cents, from 110.28 NZ cents.
