Though the Dow Jones couldn’t follow in their footsteps, fresh record highs for the Nasdaq and S&P 500 helped lift the market’s overall mood on Wednesday.
Rising 110 points, the Dow paid the price for not being as tech-heavy as its American peers. Missing the likes of Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX) and Tesla (NASDAQ:TSLA), the index hasn’t been able to match the pace of recovery. Instead it sits just under 27900, around 1600 points adrift of February’s record peak.
With the pound reversing a good chunk of yesterday’s growth after hitting a 2020 high – sterling fell half a percent against the dollar and 0.2% against the euro, a better than forecast inflation reading doing little for the currency – the FTSE could climb 0.6%. That allowed the UK index to heft itself over the 6100 mark, leaving it 200 points off of the intraday highs seen this time last week.
As for the Eurozone, the DAX was up 0.7% to 12950, while the CAC rose 0.6% to 4960.
This means the markets have been able to shake off the latest shot taken by Donald Trump towards China, the President claiming he was the one behind the nixing of Saturday’s videoconference trade talks because he doesn’t want to ‘talk to China right now’ because of ‘what they did to this country and to the world.’
Looking ahead to tomorrow and the highlight is likely going to be the usual jobless claims reading. Last Thursday was the first time the figure has come in under the 1 million mark for 21 weeks – will it do the same this week? Analysts are expecting 930k, so there isn’t much of a margin for error.
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