Optimism surged across all US main indexes this morning. The Dow Jones looks increasingly confident of hitting 25,000 by Christmas. It pushed +0.69% higher earlier placing it within 180 points of The Big 25. Proportionately the Nasdaq lifted even higher, just 10 points off 7,000 points, mid-afternoon.
The swelling US stocks positivity rides on the back of real hope that the Republicans will get their major tax bill kicked safely home by the end of this week.
The US market climb did little for the dollar however, erasing much of Friday’s gains. However if Congress passes Trump’s tax bill this week, expect the greenback to rise. Given recent gains, some consolidation is normal.
The US exuberance tore across the Atlantic today seeing both the German Dax and French CAC surge +1.6% and +1.3% respectively. The dollar’s weakness gave sterling a breather and a chance to pick up a bit of height. Late afternoon it was trading more than +0.72% higher at 1.3412 while it lifted just +0.03% against the euro to 1.1339.
The FTSE 100 closed 46 points higher tonight at 7,537.01 with Old Mutual soaring more than +5% while easyJet shares sank almost -3% on confirmation it was buying much of Air Berlin's assets.
- UK FTSE 100 7,537.01 +0.62%
- DAX 13,315.88 +1.62%
- CAC 40 5,421.44 +1.35%
- Dow 24,824.60 +0.70%
- S&P 500 2,692.33 +0.62%
- Nasdaq 6,992.98 +0.81%
- Nikkei 225 22,901.77 +1.55%
- Gold 1,264.80 +0.58%
- Oil WTI 57.54 +0.42%
M&A appetite for salty snacks
Earlier Campbell Soup confirmed it was snapping up Kettle Chips maker Snyder’s-Lance for £3.6bn. The deal mirrors a similar move by chocolate operator Hershey’s, buying Amplify Snack Brands for £1.2bn, maker of Tyrrells Crisps.