Hopes that covid-19 should arrive in the next few months – be it via an agreement between Republicans and Democrats, or a blue wave come November – lifted Wall Street at the start of Monday’s trading.
Adding more than 215 points, the Dow Jones’s October rally continued, leaving the index at its best price in 6 and a half weeks. At 28,800, it is now only 400 points from the levels struck just before September’s early bloodbath, and around 700 points adrift of February’s all-time highs. And with the potential for a big Democrat win in November, and the larger stimulus package that would presumably lead to, those landmarks aren’t a million miles way.
A strong start in the US livened up the Eurozone markets, causing the DAX and CAC to climb 0.7% apiece. That put the German index back above 13,125, while leaving its French cousin at 4980.
With the pound up 0.2% against the dollar and 0.4% against the euro, at the start of the week with an ostensible Brexit ‘deadline’ on Thursday, the FTSE couldn’t join in, instead falling 0.2%.
The index was also harmed by an unravelling set of commodity stocks, and the pressure felt by Boris Johnson’s latest covid-19 announcement, announcing new tiered lockdown system, and which regions would be hit by what restrictions.
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