Fingers crossed for a stimulus package being passed before Friday night, the Dow Jones flirted with fresh highs on Thursday.
A 150 point increase saw the Dow Jones rise above 30,000, a level that, if it can close at its current price, would ring in another record peak for the super-sized index.
There’s been no firm update on the progress of the $908 billion bipartisan relief bill, and Congress is fast running out of time to get a package over the line. However, much like the pound and Brexit, the Dow expressed optimism that a deal is incoming.
This was echoed by the dollar’s sharp losses, falling 0.7% against the euro and 0.8% against the pound. Cable is now at its best price since May 2018, potentially banking on the UK and EU hashing out their differences in the next 2 weeks. Yet sterling’s flat performance against the euro would suggest the currency’s gains are predicated more on greenback softness than fervent Brexit deal hope.
Nevertheless, cable’s growth as enough to prevent the FTSE 100 from joining in with the session’s gains, while helping send the UK midcaps up 1.5%.
In contrast the DAX sat at a 10-month peak of 13,700 after rising 145 points, while the CAC eked out a 0.2% rise.
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