Current Dax: Dax starts significantly in the minus and slips below 26,000 points
On Thursday, the Dax reached a new record high, but little of the positive sentiment remains. After the significant price drop on Wall Street, the Dax is also going downhill.
Düsseldorf. The tremors from global markets that began on Wall Street yesterday afternoon have now significantly impacted the DAX. Opening on Friday, the German benchmark index lost 1.7 percent, or over 400 points, to close at 25,873 points. Tech stocks initially rebounded on the German stock market, having lost between eight and 14 percent at the end of the trading day.
Jochen Stanzl, Chief Market Economist at Consorsbank, notes investors are capitalizing on gains after the index rose more than 1,800 points on a monthly basis. However, on Thursday, factors such as the outcome of the Midterms in the USA, hopes for diplomatic progress in the Iran war, falling energy prices, bond yields, and positive company balances initially gave the DAX a boost.
By midday, it had reached a new record high of 26,685.23 points. However, the daily gains were quickly reversed as Wall Street opened sharply in the red, with tech stocks particularly suffering a decline that weighed on the DAX. The index closed 0.4 percent lower at 26,325 points.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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