The stock market returns to 17-year highs
The Ibex 35 is once again hovering around the levels reached in December 2007.
BarcelonaGood news for stock market investors. With the words of Federal Reserve Chairman Jerome Powell as a backdrop, the Ibex 35 has once again reached annual highs like those seen 17 years ago (December 2007), with an advance of 0.61%, to 15,396.8 points. With this trend, it is increasingly closer to its all-time high of 16,040 points, reached in the last month of that year.
The increases were led by Cellnex Telecom, with 3.71%, to €31.030; Fluidra, with 2.99%, to €24,820; and Arcelormittal, with 2.32%, to €29.160. Regarding banking, the most pronounced declines were those of CaixaBank, with 0.59%, to €8.794; Naturgy, with 0.36 percent, to 27,340 euros; and Mapfre, with the same drop, to 3,830 euros. The main European stock markets also closed with gains. Milan advanced 0.69 percent; Paris, 0.40 percent; Frankfurt, 0.29 percent; and London, 0.13 percent.
The reaction across the Atlantic was much more euphoric. Wall Street started the day strongly, and the Dow Jones renewed its all-time highs. The interpretation of Powell's words led to his purchases in a market that had experienced a bearish week.
The price of a barrel of Brent crude, the benchmark for Europe, fell 0.22% to $67.53, while West Texas Intermediate (WTI), the benchmark for the United States, fell 0.09% to $63.45.
In the foreign exchange market, the euro was trading at 1.1714 greenbacks against the dollar, after appreciating 0.93%, while the interest rate on the ten-year bond eased to 3.299%. The risk premium remained at 58 basis points.
