Frankfurt / Main (AP) – Joe Biden’s victory in the US presidential election gave the Dax new momentum on Monday.
After Friday’s setback, the German benchmark was up 1.63 percent to 12,683.08 points. The MDax of the 60 midsize stocks gained 1.54 percent to 27,766.69 points. The leading index of the euro zone, EuroStoxx 50, advanced 1.49 percent to 3,251.71 points.
The previous week, the German stock market barometer had risen sharply by eight percent and despite all the uncertainties during the US election, it almost fully recovered from its recent crown-related losses.
With the victory of Democrat Biden, the uncertainty will disappear, said market strategist Stephen Innes of the broker Axi. The fluctuations should now noticeably decrease. Coupled with the supportive measures taken by central banks to cushion the negative economic consequences of the corona pandemic, the stock market rally could continue after the elections.