By Connor Campbell, Financial Analyst, Spreadex
The Dow Jones finally crossed 22000 this Wednesday, clambering on the back of Apple (NASDAQ:AAPL) to ride the tech giant to the top of the stock mountain.
It didn’t take a lot to push the Dow past that landmark level, the index starting the session 50 or so points higher (before pulling back once the dust settled on the open). Alongside the boost received by Apple – which last night reassured investors by hinting that the iPhone 8 won’t be delayed as first feared – was the continued benefits of the dollar’s sour summer. Cable has spent the day tickling a fresh 11 month high of $1.325, while the euro took 0.4% off the greenback to keep close to a 2 and a half year peak of $1.185.
As for the FTSE, the UK index remained down by around 0.3% thanks to scarlet set of mining stocks. While BP (LON:BP) and Shell (LON:RDSa) were just about lifted out of the red by the easing of Brent Crude’s losses, Rio Tinto (LON:RIO) led its sector peers lower with a 2.5% fall (investors were seemingly unimpressed with the company’s £1.9 billion share buyback).
Having recovered a decent chunk of the day’s losses at lunchtime the DAX and CAC capitulated once again on Wednesday afternoon, put back in their place by a euro that’s been grinding up the dollar and pound and guzzling them down like a forex protein shake. In other words the German index plunged 0.7% to drop under 12200, while the CAC teetered just above 5100 after shedding half a percent.
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