FTSE Continues To Ride Vaccine Wave, But Dow Jones Pauses At Start Of US Session

FTSE Continues To Ride Vaccine Wave, But Dow Jones Pauses At Start Of US Session

Spreadex  | Nov 12, 2020 05:41

Less electric than the last few sessions, the markets nevertheless continued to ride the wave of Pfizer (NYSE:PFE) vaccine positivity.

The FTSE was head and shoulders above its peers this Wednesday. Climbing more than 1.3%, the UK index crossed 6,380 for the first time in 5-months. That means it is getting close to the 6,500 peak it hit before unravelling across the summer

Remaining near the top of the FTSE 100 charts was British Airways-owner IAG (LON:ICAG), which surged another 6%, meaning it has moved from £1.05 to 1.48 in the space of 3 sessions.

The index was also aided by a report from Goldman Sachs (NYSE:GS) claiming that the FTSE is on track to reach 7,200 by the end of 2021. As reference point, the index opened the year at 7,650, so, even in that best case scenario, it would have a way to go until it could match the covid-loss-erasing gains of the Dow Jones.

Speaking of the Dow, it dipped around 0.2% after the bell. It is hard at the moment to tell whether this is a natural pause after a week or so of rapid, hungry growth, or a sign that investors are starting to fret over Donald Trump’s lack of interest in conceding the election, and the chaos that could be in store in the coming weeks.

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