Without anything fresh the latch onto the Dow Jones was always going to find it tough to stay above 30,000.
Perhaps conscious of the fact that its recent gains are predicated on 2021 hopes – Biden taking over as President and a vaccine rollout – while the pandemic continues to rage across America right here in 2020, the Dow Jones pulled back after the bell.
This wasn’t a huge retreat, however, but rather a bit of profit taking at the peak of this current mountain. The Dow dropped 160 points, knocking it back below 29,900 – before yesterday’s session an all-time high of its own.
This meant the European indices were unable to reverse their own reversal. The FTSE, which had jumped 0.7% at the start of the day, instead fell half a percent after an austere spending update from Chancellor Rishi Sunak.
The DAX, meanwhile, dipped 0.1%, but with the CAC scraping together a 0.1% increase.
It’ll be curious to see how Europe performs tomorrow, without the US markets – off for Thanksgiving – to guide them. It could see Brexit muscle its way to the top of the agenda, as the pound nervously awaits signs that a deal will be done before next Tuesday’s ‘deadline’.
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