Major European indices close with solid gains once again
German Dax up 3.88%
The major European indices closed higher for the 3rd day in a row this week. The German DAX (which was close on Monday but which rose over 3.5% yesterday) tacked on 3.88% in trading today to lead the charge.
The other indices also rose rather nicely. Below are the percentage changes in percentage ranges for the major indices.
Meanwhile in the US, the gains are more modest with the Dow industrial average leading the way at +1.6%.
Not only is there a rotation that seems to be taking place into the European indices (the German DAX is still down -5.75% on the year, France's CAC is down -15.99% and the UK FTSE is down -15.38%), but that rotation is occurring in the US market as well. The Dow industrial average is still down over -8.35% on the year, while the NASDAQ is up 7.71%. Traders seem to be buying cheap in hopes of a return to normal