Traders upbeat

Wall St follows Europe’s rise on Brexit and US stimulus

Frankfurt

Frankfurt: shares on the Borse hit a new high (pic: Sara Reed)

Updated 7am 29th: Wall Street closed at record highs after stock markets in Europe responded positively to the Brexit deal and relief that outgoing US president Donald Trump had finally signed off a stimulus package.

The London Stock Exchange was closed for the Boxing Day holiday, but the German market climbed 1.5% to a record high and the benchmark European stock index hit its highest point since late February.

Brexit relief was palpable as investors bought stock in thin holiday trading, boosted by news that Mr Trump had signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans and averting a federal government shutdown.

The rise in the German market was consistent with growing acknowledgement of the country’s role in driving the Brexit deal to a conclusion, given that it had much to lose from a No Deal departure for Britain.

Hussein Sayed, chief market strategist at FXTM, told the Reuters agency: “We can finally breathe a big sigh of relief and say that chaos over the stimulus bill is over.

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