Stock Market Weekly: Europe and US Shares Close at Record Highs

NEW YORK, NY – The optimism generated by the news of a partial US-China trade deal and Brexit’s January deadline has resulted in the European and US stock market to end at near record highs. Meanwhile, the Asian market ended the week with mixed results.

As far as US shares are concerned, the week was marked by a steadily improving domestic economy. There was also a palpable optimism towards a concrete trade deal between the country and China.

America’s main benchmarks ended the week with healthy gains. The Dow Jones rose by 0.3% or 77 points to 28,454. The Nasdaq also went up by 0.4% to 8,924 while the S&P 500 enjoyed a 0.5% boost to close at 3,221. The three indices ended at an all-time high.

Traders believe Friday is likely to be the last day of frenetic trading for this year. The US stock market is reportedly gearing up for the upcoming Christmas holiday and the end of another year. The final two weeks of 2019 is predicted to be quiet, with trading volumes and market news slowing down.

However, Washington might still pull off some surprises now that the House has started the wheels of impeachment in motion. The Senate’s move to pass a bill funding the federal government could keep investors on their toes.

Meanwhile, the European stock market saw a resurgence of a buying wave as it was confirmed that the Brexit deadline has been fixed for January 31. With the UK’s House of Commons approving Prime Minister Boris Johnson’s plan for Brexit on Dec. 20, people are hopeful of a smooth exit way ahead of the deadline.

The news has precipitated the region’s major indices to close at record breaking highs, or at least very near to it. The Pan-European STOXX 600 went up by 0.8% to 418.40. It narrowly missed its previous peak of 418.53. Meanwhile, the FTSE 100 advanced by 0.11% to 7,582.48.

Germany’s DAX 30 rose by 0.84% to 13,318.90 while the CAC 40 of France closed the day higher by 0.82% at 6,021.53.

While Europe and the US advanced, trading in Asia was more muted. Stocks in the region were mixed as Friday wrapped up. The Nikkei 225 slipped down by 0.2% while the Shenzhen Composite barely moved. The Shanghai Composite rose by 0.2% and the Hang Seng Index of Hong Kong enjoyed a 0.4% increase.

South Korea’s KOSPI index gained 0.4%. Shares in Indonesia, Malaysia, Singapore, and Taiwan remained steady.