Bank share prices surged higher today as the media's apparently boundless energy for Royal Commission stories begins to ebb away.
Telstra saw its share price drop 4.87 per cent to $2.77 as the telco announced an 8,000 net reduction in employees and the monetisation of $2 billion of assets.
Showing another 8,000 staff the door will form part of a truly massive cost reduction for Telstra.
However, it must be said the company doesn't hasn't a great track record with revenue and earnings downgrades, and today proved to no exception in disappointing the market.
There seems to be a fair chance that the FY2019 dividend gets its wings clipped too.
Nevertheless the ASX 200 surged 70.5 points or 1.1 per cent higher to 6172.6 at the close.
That's the highest close in 10½ years, while the accumulation index sits comfortably at a record high.
Positive news here for household wealth, with super funds on track to deliver double digit returns this financial year.