Economy

European markets close higher except UK; US extends rally

Italy's FTSE MIB performs best again with 1.41% rise; Dow jumps 1.63% in US

Ovunc Kutlu   | 23.09.2021
European markets close higher except UK; US extends rally

ANKARA

European stock exchanges closed higher on Thursday, except the UK, while a rally in US markets got stronger after the Federal Reserve delayed its tampering.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was up 4.3 points, or 0.93%, to close at 467.50.

Germany's DAX 30 index rose 137, or 0.88%, to 15,643, and the French CAC 40 added 65, or 0.98%, to 6,701.

Italy's FTSE MIB was the best performer for the second consecutive day -- gaining 363 points, or 1.41%, to 26,081. Spain's IBEX was up 68 points, or 0.78%, to 8,876 points.

London's FTSE 100 was the only index closing the day in negative territory -- 5 points, or 0.07%, to 7,078.

The Fed said Wednesday that moderation in the pace of asset purchases may soon be warranted, indicating tapering would soon begin, while Fed Chair Jerome Powell said tapering may conclude by mid-2022.

Tapering, the process of scaling back its $120 billion worth of monthly bond purchases, could start in November or December, according to most experts, but the delay provided relief for investors.

US extends rally

Major indices in the US opened strong and extended rallies after the Fed's delay.

The Dow Jones was up with a 555-point jump, or 1.63%, to 34,813 at 12.30 p.m. EDT (1630GMT).

The S&P 500 was up 58, or 1.33%, to 4,454, while the Nasdaq rose 140 points, or 0.95%, to 15,039.

The VIX volatility index plummeted 9.7% to 18.84 and the dollar index was down 0.4% to 93.07.

The yield on 10-year US Treasury notes increased 5.1% to 1.399%,

Precious metals were mixed with gold falling 0.9% to $1,751 per ounce, but silver rising 0.1% to $22.72.

Oil prices were up with Brent crude trading at $77.21 per barrel -- a 1.3% gain. US benchmark West Texas Intermediate was at $73.36, up 1.6%.




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