Spreadex Market Update
Nike tells Dow to just do it, causes 3 digit gains despite data-less afternoon
Whilst there was no US data to speak, one of the Dow Jones’ most recognisable stocks more than made up for an absence of action this afternoon. The announcement of a $12 billion buyback, a 14% dividend hike AND an impending 2-for-1 stock split sent Nike over 5% higher, leading the Dow Jones almost triple the gains its futures were promising. That 170 point increase saw the US index cross the 17900 mark for the first time in nearly 2 weeks, and leaves it looking at an 800 point jump on the week.
Despite the continuing weakness of its oil stocks, replacing the mining sector as the UK index’s biggest bugbear, the FTSE managed ride the wave of US positivity to a mild 12 point increase as Friday wore on. The DAX, if not all the Eurozone indices, was similarly healthy, the German index rising by 30 points to match the 3 and a half month highs struck on Thursday.
In a week that could have justifiably seen falling prices or, at the very least, a severe suppression of risk appetite, the global indices instead find themselves looking at their best week for a month. Whether or not that trend can continue next week when some semblance of normality returns is unknown; for now, however, one imagines the markets will be rather content with the recent highs struck in the course of the past 5 days.
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