FRANKFURT (dpa-AFX) – A major interest rate cut by the US Federal Reserve pushed the Dax above the 19,000-point mark for the first time on Thursday. At its peak, the leading German index reached a record high of just under 19,045 points. It ultimately ended the day 1.55 percent higher at 19,002.38 points. The MDax of mid-cap blue chips gained 1.84%, but at 26,265.94 points it is still a long way off its high of over 36,000 points from three years ago.
The previous evening, the Fed had heralded a turnaround in interest rates with the first rate cut in more than four years by 0.5 percentage points. “Fed Chairman Jerome Powell wants to limit the risk of a full-blown downturn with the XL rate cut, but at the same time does not want the move to be seen as a new pace for further easing of monetary policy,” commented Konstantin Oldenburger, market analyst at CMC Markets. Quite a few investors had only expected a small rate cut of…
