Just as this afternoon looked like it was going to settle into some traditional pre-Fed dreariness the Dow Jones surged to a fresh all-time high off the back of a decent set of earnings.
Boeing (NYSE:BA) ended-up being the stock to spark the Dow’s lift-off, the jet maker surging more than 8% after beating EPS estimates and raising its full year guidance. This helped the US index rise by 110 or so points after the bell, taking it above 21700 for the first time in its history (for those keeping track, that’s roughly 3300 points gained since Trump won the election last November).
And that, of course, is not all for the US markets, with July’s Federal Reserve meeting still to come. Though the central bank has done a lot to reduce rate hike expectations to effectively zero for this month – the CME FedWatch tool has the chances of a move at just 3.1% – investors will be keen to see whether Yellen and co. tee up an autumn or winter increase.
As for the FTSE, it lost some of its lustre as the day went on, though a solid set of gains in the commodity sector – Brent Crude crossed $50 per barrel and copper is eyeing $2.90 – meant the UK index was still up 0.2-0.3%. The pound, meanwhile, continued to ignore the dismal Q2 GDP reading, rising 0.2% against the euro and 0.1% against the dollar.
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