FRANKFURT (dpa-AFX) - The Dax remained resilient on Thursday. Investors continue to pin their hopes on a new round of negotiations between the US and Iran. Furthermore, the record-breaking rallies in Japan and on US stock exchanges bolstered market sentiment.
After reclaiming the 24,000-point mark on Tuesday, the German benchmark index ended the day up 0.36 percent at 24,154.47 points. In doing so, it also managed to break above the closely watched 200-day moving average, a key indicator of the longer-term trend. The MDax, which tracks mid-cap companies, rose by 0.17 percent to 30,938.35 points.
"While the Dax is still hesitating, growing optimism regarding the Iran conflict is pushing global equities to new record highs," commented market analyst Jochen Stanzl from Consorsbank, describing it as typical market behavior. Investor sentiment is shifting from fear to neutrality and even greed. "At the moment, many are buying now and asking questions later." This comes despite the fact that there has been no progress in negotiations nor any tangible results. Meanwhile, oil prices rose slightly, though a barrel of Brent crude still costs just under 100 US dollars.
Across Europe, major stock exchanges performed similarly to the domestic market, closing near their previous levels. The Eurozone benchmark EuroStoxx 50 shed 0.12 percent to 5,933.28 points, and the Swiss market also edged lower, while the London Stock Exchange posted moderate gains. In the US, the Nasdaq and S&P 500 pulled back slightly after hitting record highs. The Dow Jones Industrial Average, Wall Street's most prominent index, was virtually unchanged at the close of European trading./ck/he
