S&P 500 hits record high as Germany's Dax passes 11,000 mark

Emma Haslett
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Stocks have been driven up in recent days by rising oil prices (Source: Getty)

It looks like equities markets across the world will end the week on a high, after the S&P 500 hit a new high, while Germany's Dax smashed through its previous record.

The S&P 500 nudged up to 2,093.57 points shortly after its opening bell this morning, slightly higher than the 2,093.55 it reached in December. Stocks have been driven up in recent days by rising oil prices, while a ceasefire agreed between Russia and Ukraine has given investors renewed confidence.

Meanwhile, the Dax passed the 11,000 mark, after figures published this morning showed German growth had hit 0.7 per cent in the final quarter of 2014, stronger than expected. Eurozone growth also beat analyst expectations, hitting 0.3 per cent during the quarter.

The FTSE 100 was 0.66 per cent higher in mid-afternoon trading, while France's Cac 40 rose 0.67 per cent.

Although the S&P 500 had a difficult January, with oil prices dragging down energy stocks, it has made up for that this month, rising almost five per cent since the beginning of February.

Earlier today, the price of Brent crude oil rose above $60 per barrel for the first time since December on figures showing the number of oil rigs operating in the US was at an all-time low.

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