Stock markets rally as Donald Trump plays Santa over tax
by Nick Fletcher from on (#3BHT3)
As the year draws to an end, the Dow and FTSE 100 are close to record highs - but there could be some volatility ahead
It's a tradition of stock markets that December usually sees a Santa rally. This year, though, we've had a tax rally, thanks to Donald Trump's business-friendly fiscal reforms, which finally made their tortuous way through the US legislative process.
With just a few days left until the end of the year, US and UK markets are close to their record highs, with the FTSE 100 hitting a new peak a couple of days ago. Despite this belated achievement, the UK index has lagged others throughout the year, and even though European markets have fallen back recently on political concerns - German uncertainty and the latest Catalan election result - they have still outpaced UK shares thanks to Brexit worries and a recovering pound.
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