New all-time high for the Frankfurt Stock Exchange. At the moment the Dax gains 1,30% to 8620 points, up 111 points compared to Friday's closing at 8509 points and after having touched a maximum of 8626 points at the start. The last record, set in May, was 8558 points.
Pushing the German stock market, as well as the other major global markets, is the news of the decision of former Treasury Secretary Lawrence Summers to withdraw from the race to succeed Ben Bernanke at the helm of the Fed. Summers was seen as inclined to reduce the current macroeconomic stimulus while Janet Yellen, current vice president of the US central bank, is considered a kind of guarantor of the maintenance of the current policy. But the succession to the Fed it's not a two-man race: As Summers retires, the candidates multiply.
