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Bluechips Outperform Tech as Dow Hits Another High

EQUITIES
  • Despite a shaky start Wednesday, equity markets shrugged off early weakness to make decent progress. Bluechip stocks traded well, with the Dow Jones Industrial Average notching up gains of over 1% thanks to rallies in Boeing, Goldman Sachs and Honeywell shares.
  • The tech-led NASDAQ traded more poorly, as tech names consolidated. Tech was also the sole sector in the red across the S&P500 as names including Apple, Micron Tech and Western Union slipped.
  • Across Europe, Eurozone markets were uniformly higher, with France's CAC-40 outperforming to trade with gains of over 1%, while the UK's FTSE-100 was a laggard, softer on GBP strength against both USD and EUR.
  • The VIX was subdued given the general strength in US equity indices, falling below 23 points and further below the 2021 average.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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