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Dow Jones Hits 6-Month High Thanks To FDA Blood Plasma Injection

Published 25/08/2020, 06:11
Updated 21/10/2020, 09:15

An emergency injection of blood plasma from the FDA cured the markets of its covid-19 concerns – for this Monday, at least.

With the Food and Drugs Administration approving the use of blood plasma from recovered patients and China claiming via state media is has been vaccinating key workers since July, it was a big weekend for covid-19 treatment news.

Though not as healthy as Europe from a percentage gained perspective, the Dow Jones’s 0.9% climb shot it within touching distance of 28200. That surpasses the intraday highs seen a fortnight ago, and puts the index at its best price in exactly 6-months. Mad, given that later in the week investors will get a reminder of America’s 32%-plus contraction in Q2.

With further growth green-lit by the strength of that US open, the European indices went off. The DAX and CAC surged 2.3% apiece, striking 13050 and 5000 respectively. That’s around 10-11 day highs for both, helping recover a decent chunk of the losses incurred last week.

Sat in the middle of the US and Eurozone, the FTSE added 1.7%, allowing the UK index to graze 6100. BT Group (LON:BT) was a big boost, the telecoms company rising more than 6% on reports it has contacted Goldman Sachs (NYSE:GS) to ‘update its bid defence strategy’ in order to combat any unwanted advances following its recent price plummet.

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