Commenting on the FTSE100 rising to its highest level for nearly two weeks

Commenting on the FTSE100 rising to its highest level since Friday 13th March, Mike Owens, Global Sales Trader at Saxo Markets, said: “A mixture of factors playing into the strong move higher that we’ve seen on the FTSE and for global equity markets more generally. Firstly, the agreement from the US Senate on a $2 trillion Coronavirus stimulus package which the market sees as a key needed support and secondly, equities were looking extremely oversold at their levels on Monday evening which justified a bounce technically. Lastly, investors seem to be dusting themselves off and taking the opportunity to pick up stocks at beaten up prices as the most heavily sold off companies gain the most.”