Spreadex Market Update
Dow Jones hits fresh 2016 highs despite 5 month low consumer confidence figure
Opening around 100 points higher as the bell rang on Wall Street, the Dow continued to hit fresh 2016 highs, in the green for the 12th time in the last 14 days of trading despite a 5 month low consumer confidence figure. The index was likely helped by the continued weakness of the dollar, the pound overcoming its morning meekness to climb near the $1.45 mark once again.
Of all the major global indices the Dow has perhaps seen the best recovery since the February sell-off. Unlike the rather laterally moving FTSE, or the still sporadically troubled DAX, the US index is in its most fecund period since it teased 18000 back in early November, surging by an astonishing 2000-ish points in just over a month.
Despite a sustained recovery from Brent Crude, which has added almost a dollar in value this Friday to cross the $42 per barrel mark, the FTSE began to lose some of its confidence as the afternoon went on, a smattering of red in the commodity sector leaving the UK index with a meagre 15 point increase. The Eurozone indices were more resilient, the DAX and CAC both holding onto a 0.6% rise as the week began to wrap up.
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