Party like it’s 1999 as the FTSE hits fourteen-year high

Julian Harris
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THE STOCK market rally of 2013 stormed upwards again yesterday as London’s FTSE 100 index reached its highest level since 1999.

Closing up 0.71 per cent at 6,803.87, the blue chip index is now within sight of its highest ever end of day price.

Shortly prior to the turn of the new millennium, with dot com stocks pushing up the index, the FTSE reached an all-time record close of 6,950.60.

The City’s bulls are now banking on the FTSE to print a new record in the coming days, despite lingering economic worries across the Eurozone and elsewhere.

“Traders are displaying an impressive appetite for risk assets despite growing calls amongst retail clients for stocks to cool off after what has been a meteoric rise,” commented CMC Markets’ Matt Basi last night.

“The potential for profit taking to trigger a market correction has to be a consideration for even the most fervent bulls. That said, as the cliche goes, markets can remain over extended for a lot longer than retail traders can remain solvent.”

Meanwhile US stocks continue to set fresh record highs. The Dow Jones was up 0.34 per cent last night, ending at a record 15,387.58.