Spreadex Market Update
The Dow Jones was just as despondent as its European peers this Friday, ending the month with its tail between its legs. January has been LONG. It’s a month that has seen fresh all-time highs for the Dow, a riot on Capitol Hill, the inauguration of Joe Biden, the global rollout of the covid-19 vaccine, and, now, a Reddit-led challenge to market norms. With growing fears of a bubble, the IMF’s warnings of complacency, and the volatility that started with the GameStop surge, the markets look set to enter February in exactly the opposite tone as they entered January. Shedding 420 points the Dow gave up most, if not all, of yesterday’s rebound, sinking back towards 30,320. That’s actually around 400 points off where it opened the year on January 4th, and essentially 1000 points adrift of the record peak struck just over a week ago. And the Dow isn’t alone. A 1.2% decline for the DAX has forced it back towards 13,500, compared to the 14,100 hit within the first week of 2021, while the CAC is around 300 points shy of its own early January highs following its latest 1.5% slump. Worst of all was the FTSE. Plunging 1.7%, the UK index has completed a journey that began in the 2nd week of the year, steadily, and now all of a sudden sharply, scrubbing away the optimism that opened 2021. Now, it is trading at 6,415 – close at that level, and it is the index’s lowest price since the start of December.
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