In a less dramatic echo of Monday’s movements, the markets broadly moved from red to green as the session progressed.
The key was that the Dow Jones opened in rebound mode, climbing 215 points after sinking by 410 points last night, pushing its not inconsiderable weight back across the 28,400 mark.
The day is far from over for the US indices, however, and more volatility could still be expected in the run-up to Nancy Pelosi’s stimulus deadline this evening. That is unless investors are now comfortable with the assumption a deal isn’t getting gone this side of the election, based on Joe Biden’s consistent lead in the polls (and the sizeable relief package a blue wave would likely produce).
The Dow’s eager open meant the FTSE swung to a 0.3% increase, allowing the index to stick its nose above 5900, if only by the smallest of margins. The CAC also felt the benefit of the US session, pushing 0.3% higher to 4950. Only the DAX remained stubbornly in the red, dropping half a percent as it lurked just above 12,800.
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