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World stocks pause after Dow hits 2009 high
By: yahoo.comPosted On: 11/10/2009 10:34 A
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European and U.S. stock markets took a breather Tuesday after a big rally in the previous session had pushed the Dow Jones industrial average to its highest level this year.
European and U.S. stock markets took a breather Tuesday after a big rally in the previous session had pushed the Dow Jones industrial average to its highest level this year.
Analysts said it was unsurprising trading was subdued after Monday's big gains, when sentiment was buoyed by the weekend pledge from the Group of 20 rich and developing countries to maintain stimulus measures as long as economies remained weak.
In Europe, the FTSE 100 index of leading British shares was up only 0.62 of a point at 5,235.80 while Germany's DAX rose 11.35 points, or 0.2 percent, to 5,631.07. The CAC-40 in France was 5.38 points, or 0.1 percent, lower at 3,780.11.
On Wall Street, the Dow was down 3.4 points at 10,223.54 soon after the open while the broader Standard & Poor's 500 index fell 0.89 point, or 0.1 percent, to 1,092.19.
On Monday, U.S. stocks closed around 2 percent higher in the wake of the G-20 statement, with the Dow closing at 10,226.94, its best finish this year.
David Jones, chief market strategist at IG Index, said there may be an "element of twitchiness creeping back into the market" as many of the world's major indexes approach their highest levels of the year.
Though the Dow pushed out to fresh highs for 2009, Jones noted that the FTSE 100 and the S&P 500, for example, are still trading just below their October highs.
"It would not be surprising to see markets mark time ahead of here, or even for some to book profits following the strong rise seen so far this month," said Jones.
Much could well depend on whether the S&P 500
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