Strong gains by financial, energy and resources stocks pushed the share market higher, on investor hopes of big spending by US President-elect Donald Trump.

The Australian share market, and other Asian markets, have made strong gains as investors reassess what Donald Trump's presidency may mean for the US economy.

The local share market has fallen nearly two per cent lower as Republican candidate Donald Trump surged to victory in the US presidential race.

The Australian share market has rallied after the FBI decided to take no further action against Democrat presidential candidate Hillary Clinton over her emails.

Uncertainty about the outcome of the US presidential election continues to shake the share market, sending it to a more than four month low.

The Australian share market started poorly over concerns that Donald Trump may win the US presidency but rose to finish flat after bargain hunters stepped in.