FTSE 100 Closes Above 7000 For First Time In 14 Months, Sensex Crashes Over 1000 Points Business News

London’s FTSE 100 closed above 7,000 last week, a benchmark it reached for the first time in more than a year since the pandemic struck.

The FTSE 250 wiped out all of its losses from the pandemic, hitting a new record on Friday.

The blue-chip FTSE 100 index has now recovered by up to 40% from its lowest point, below 5,000, in March 2020.

The rally follows positive data from the United States and China, and hopes of a global recovery from losses from the pandemic. Figures released on Friday showed that the Chinese economy recorded a record growth of 18.3% in the first quarter of 2021 compared to the previous year.

Meanwhile, US stocks continued their positive rally, with all three major indices closing in green, the S&P 500 and the Dow Jones Industrial Average ending last week with new highs.

The Dow Jones Industrial Average rose 164 points, or 0.48%, to 34,200, the S&P 500 gained 15 points, or 0.36%, to 4,185 and the Nasdaq Composite added 13.58 points, or 0, 1%, at 14052.

Asian stocks mostly had a positive trading session on Monday, with the Nikkei 225 rising nearly 100 points after lunch after a dip. South Korea’s Kospi is up 6 points and the Shanghai Composite Index is also trending higher, following positive economic growth data.

However, Indian markets collapsed on Monday, with the Nifty opening 2% less and the Sensex falling 1,000 points, as concerns about the increase in coronavirus cases in the country intensify. India recorded the world’s largest increase in daily Covid-19 cases, reporting a record 261,500 cases on Sunday.