STOXX 600 Reaches Record: Financial and Healthcare Surge
The STOXX 600 index reached a record high, with strong gains in financial and healthcare stocks. Despite a turbulent opening due to precious metal sell-offs, European markets rebounded. Banking stocks led gains, while the healthcare sector saw advances, aided by significant moves like AstraZeneca's stock rise after a landmark exchange listing.
The STOXX 600 index soared to a record on Monday, buoyed by robust performances from financial and healthcare sectors as investors overlooked commodity market upheaval. The pan-European index closed 1% higher, overturning an earlier weak start.
European markets gradually recuperated as metal markets stabilized from an initial sell-off spurred by gold and silver's decline. "Markets shrugged off some of the commodity selling and Europe came in with a much more positive tone," noted Steve Sosnick, chief market analyst at Interactive Brokers.
Banking stocks recorded a 2% rise, marking their highest level since 2008. Meanwhile, the healthcare sector advanced by 1.3%, highlighted by AstraZeneca’s 3.2% climb following its NYSE listing shift. Basic resources saw initial declines but ended the day with gains.
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