DAX Surges Above 24,000 as Pharma Stocks Rally on US Deal
European markets saw a positive day on Wednesday, with the DAX surpassing the 24,000-point mark for the first time in a month. The DAX ultimately rose by 1.2 percent to 24,167 points, driven by a significant rally in pharma stocks across the stock market today.
The EuroStoxx 50 gained 0.9 percent, while the DAX recovered the 24,000-point mark, closing at 24,167 points after a 1.2 percent increase. Merck KGaA led the winners in the DAX with a 10 percent gain. The MDAX also saw a noticeable increase, with Sartorius shares gaining nearly 10 percent.
The rally in pharma stocks was sparked by an agreement between the US government and Pfizer over cheaper medicines under the Medicaid program. Bayer shares also rose by five percent, contributing to the overall positive performance of the DAX and MDAX.
The USA shutdown had no impact on European markets, which were boosted by the pharma sector's rally. The DAX's rise above the 24,000-point mark signals a strong day for European markets, with Merck KGaA and Sartorius leading the gains.
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