Germany's DAX index breaches 14,000 points for first time

FRANKFURT AM MAIN: Germany's blue-chip DAX 30 index crossed the 14,000-point mark for the first time ever on Thursday, as traders shrugged off the US violence and welcomed the confirmation of President-elect Joe Biden's win.

The Frankfurt index jumped to an all-time high of 14,006.70 points in late afternoon trading, before falling back slightly again.

It marked the latest series in a series of fresh heights reached in recent days, and comes after the index closed at a record level of almost 13,900 points on Wednesday.

It has taken the prestigious DAX index more than three years to go from 13,000 points to breaching the psychologically important barrier of 14,000 points.

Asian, US and other European stock markets also saw gains, as investors looked beyond the storming of the US Capitol by supporters of President Donald Trump to focus on the policies expected from Biden.

Investors in Frankfurt "are unruffled by the chaotic scenes in Washington where protesters stormed the Capitol," said Milan Cutkovic, an analyst at Axi.

The US Congress formally certified Democrat Biden's win on Thursday, boosting hopes of fresh US stimulus to help America cope with the economic fallout from the pandemic.

Analysts believe that while the new president could undo a lot of Trump's tax cuts for the wealthy and corporations, he is unlikely to look at those until he has dealt with the virus and got the economy back up and running.

Briefing.com analyst Patrick J. O'Hare said the slim majority Democrats will enjoy in the Senate "suggests it will be hard to increase taxes in a challenging macroenvironment but more likely to pass more stimulus."