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Source: Dukascopy Bank SA
© Dukascopy Bank SA
German stocks rallied to their highest level in five years on rising optimism the U.S. lawmakers in Washington will reach a budget deal and Fed will introduce measures to boost up the economic growth. The DAX index added 0.25%, or 18.50 points to 7,608.86, after earlier peaking at 7,612.62, highest level since January 2008. The index has gained 28% since June 5 when ECB implemented unlimited bond buying program.

All but two sectors in index edged higher with Consumer services and Telecommunications taking the leader positions with 1.64% and 1.30% increases. Health Care lost 0.46%, while Technology slightly declined 0.46%. Among the best performing companies was Germany's largest steelmaker ThyssenKrupp that surged 3.9% after Jefferies Group' upgrade of the company's stock. Meanwhile, German second biggest lender soared 2.96% to 1.42 euros  and Lufthansa rose 1.68%. The gains in the index were capped by Health Care sector with Fresenius Medical Care shrinking 0.74% and the German cancer drug makes Merck fell 0.6% to 104.35 euros.


© Dukascopy Bank SA
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