Last week, it was the Dow, this week it could be Germany’s DAX hitting a new record high. The blue-chip index has recorded its fifth straight gain since the start of the year, buoyed by a weaker euro and stronger-than-expected data for Europe’s largest economy.
Even if those gains might have slowed a little on Tuesday, the DAX index of Germany’s 30 most valuable companies is still up 3.5 percent since the start of the year. That’s even better than the Dow, which passed 25,000 last week but has only risen about 2.2 percent in total since January 1.
Germany’s DAX last hit a record in November, climbing as high as 13,516. On Tuesday, it came within 100 points of that level before investors got cold feet (or took profits) and pulled back. The index closed up 0.18 percent at 13,391.46. Still, cracking that record high looks to be only a matter of time.
“The all-time high is in striking distance and is motivating further follow-through buying,” said Timo Emden, the Germany head of online broker DailyFX.