FTSE 100 powers through 7000 mark for first time in more than a year as optimism rises about a global economic recovery
The last time the blue-chip index was above 7000 was in late February 2020
A month later it had fallen below the 5000 mark after weeks of panic selling
The turnaround has been driven by the vaccine rollout which continues at pace
The FTSE 100 has powered through the 7000 mark for the first time in more than a year as optimism rises about a global economic recovery.
The last time the blue-chip index was above that milestone was in late February 2020 as investors were gauging the full magnitude of the coronavirus pandemic.
A month later it had fallen below the 5000 mark after weeks of panic selling.
But yesterday it finished up 0.5 per cent, or 36.03 points, at 7019.53 while The FTSE 250 rose to a record high as it gained 0.2 per cent, or 50.14 points, to 22,522.18.
The turnaround has been driven by the vaccine rollout which continues at pace.
As a result there is increasingly positive talk about the future state of the economy.
Investors are once again seeing opportunity rather than threat in UK shares.
Russ Mould, director at AJ Bell, said: ‘This represents a massive milestone in recovering from the terrible pandemic and shows how investors’ confidence has completely changed since just over a year ago.
‘The market was understandably shocked as coronavirus gripped the world but in true investor style it has quickly focused on the future and the ability for corporate earnings to recover.’
Major gains were made by miners that were boosted by strong economic data from China and rising oil prices.
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