FTSE Pushes Above 5200 on Continued Momentum: Spread Betting News
Financial Market Comments from Yusuf Heusen, Senior Sales Trader, IG Index.
In mid-morning trading, blue chips in London have continued their week-long rally with the FTSE surging through 5200.
Any concerns that investors were looking to ease back on some of their recent enthusiasm have been put to one side today with a fresh burst of momentum for shares in London.
Expectations had been high for a good start to the earnings season in the USA and Alcoa’s numbers on Monday night did not disappoint.
BP is still in favour, up another 3% so far today. With BP shares already up nearly 30% on the month so far there are many wondering just when the profit taking is going to start to cap the rise.
However, as further progress on the Gulf leak seems to spur some investors into buying, afraid of missing the boat of further potential rises, the stock still seems to have momentum.
Looking ahead to the US open at the moment we are excepting the Dow Jones to start off around 40 points higher when trading resumes today.
As with the UK market, although US shares have come a relatively long way in a short period of time there still seems to be the attitude of buying into any weakness. That said it would not be a surprise to see the Dow mount a push through 10,300.
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Good Luck!
DB
The above comments do not constitute investment advice and Clean Financial accepts no responsibility for any use that may be made of them.
Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.
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