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DAX index soars to pre-crisis heights

The Local · 13 Oct 2010, 12:28

Published: 13 Oct 2010 12:28 GMT+02:00

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The last time the DAX breached 6,400 points was on September 4, 2008, which was 11 days before the Lehman bankruptcy sent global financial markets into a freefall.

The DAX then slumped to below 3,800 points in March 2009 before gradually climbing back as Germany emerged from its worst recession since World War II.

Asian and other European stock markets also gained after the US Federal Reserve revealed on Tuesday that it might provide more monetary stimulus to underpin a hesitant economic recovery in the United States.

The DAX was also boosted by a positive fourth-quarter sales and margins forecast from the US technology firm Intel (INTC.O), which raised hopes that the technology sector could end 2010 on a strong note.

The index, which is made up of the 30 major firms trading on the Frankfurt Stock Exchange, gained 1.5 percent to reach the new two-year high.

Story continues below…

Overnight, Intel announced better-than-expected earnings results, which came after the closing bell Tuesday in New York. Intel said its net income for the third quarter leaped 59 percent to $2.95 billion (€2.1 billion) and sales rose 18 percent, both beating analyst expectations.

AFP/The Local/dw

The Local (news@thelocal.de)

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Your comments about this article

14:02 October 13, 2010 by William Thirteen
yay! watchout below!
14:58 October 14, 2010 by elboertjie
The DAX of 6,400 today, is lower than the DAX of 6,400 in 2008, because the Euro currency has weakened considerably since then. The Euro is down 50% in value since September 2008.

To be the same level of 6,400 in September 2008, the DAX has to be 50% higher at a level of 9,600 today.
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