Global Markets Remain Resilient As The S&P 500 Yet Again Hits Record Highs

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Global Markets Remain Resilient As The S&P500 Yet Again Hits Record Highs
Global Markets Remain Resilient As The S&P500 Yet Again Hits Record Highs

Global Markets Remain Resilient As The S&P500 Yet Again Hits Record Highs

 

After a morning of positive fundamental data releases, the European markets look set to close out the day for gains across the board, with one exception.

From an opening price of 3,139.21, the Euro Stoxx 50 currently stands at 3,141.02, a 6.08-point (0.19%) gain that will see the pair end the week at a small net gain. The day’s rise comes partly as a result of better than expected retail sales in Germany, which suggests consumer confidence in the economy that many view as the “engine” of the Eurozone. The Euro Stoxx 50 biggest daily gain award goes to pharmaceutical giant Bayer AG (BAYN.DE), the stock of which racked up a 2.7% gain on the back of an upward revision of its estimate for potential new drug sales.

The DAX 30 outperformed the Euro Stoxx 50, climbing 0.82% for the day to 9666.81. The aforementioned CPI data likely fueled the gains, and the day’s top performer award goes to Fresenius Medical Care AG & Co. (FME.DE). The company chalked up gains of 3.17% to close out the day at 50.14, having beaten fourth quarter earnings estimates.

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The CAC 40 posted gains of 0.27%, rising to 4,408.08 despite the release of disappointing French consumer spending data. The day’s big winner was Safran SA (SAF.PA), which gained 2.30% on the back of an increase in expected future demand for its engines.

Across the channel, the FTSE 100 closed the week at 6,809.70, a marginal loss for the day of 0.01%. The performance of Pearson PLC (PSON.L), threw up some downside volatility in the index during the final hour of trading. The company’s stock dropped 6.64% to 1,013.00, based on an end of day announcement that its earnings would fall sharply during 2014 as the result of a restructuring effort.

Heading into lunch, the Dow Jones Industrial Average is up 0.71% at 16,387.38, despite disappointing fundamental data during the U.S. morning session. Having logged a 0.67% gain, the S&P 500 is also up, currently at 1,866.72. The gains make this the second consecutive day of record highs for the index, the first coming as 

To contact the reporter of this story: Samuel Rae at samuel@forexminute.com