Coronavirus vaccines lift German DAX index to record high

Germany's leading index of 30 major companies hit a new high of over 14,000 points. Hopes for a successful coronavirus vaccination campaign pushed up other stock markets as well.

As hope spreads that new vaccines will help the world put the coronavirus in the rearview mirror, Germany's leading DAX index reached a new high of just over 14,000 points on Thursday before it dropped to 13,968.24.

The DAX still made a record closing at slightly under 14,000, with 0.55% up compared to the last few days.

Indices for small- and medium-sized German companies also gained ground to set new records.

In 2020, the DAX made an annual increase of 3.5%, despite fear surrounding the coronavirus pandemic. The index reached a record high of 13.818 points in December 2020.

The DAX first crossed the 13,000-point milestone in 2017.

US markets also up

Markets in the United States were also climbing in early trading on Thursday as some investors saw the Democratic Party's upcoming control of the White House and both houses of Congress as a sign of an additional coronavirus stimulus package on the horizon.

The S&P 500 was 1.2% higher after Congress confirmed Joe Biden as the winner of the presidential election and Jon Ossoff was declared the winner of a Georgia runoff election, handing control of the Senate to Democrats. The Dow Jones Industrial Average was up 172 points, or 0.6, at 31,005, at 10 a.m. local time. The Nasdaq composite was also 1.8% higher.

sms/aw (AFP, dpa. Reuters)

Traders seemed ready to shrug off violence in the US and focus on Democrats' wins instead