What a difference a week makes! Gone are the days of heightened concern over the outlook for China’s economy, for the moment at least.
That’s what many investors will be thinking to themselves this morning with the ASX 200 up another one percent, taking its four-day rally to nearly 6%.
On Tuesday last week the index closed at 4,918.4 – the lowest daily close since July 2013. There were headlines about a $60 billion market rout and the new Treasurer, Scott Morrison, was getting questions about it.
Now the ASX is back testing the 5,200 points level and briefly burst through it earlier in today’s session.
While an impressive stretch of gains, on the charts it looks a little less impressive, especially considering the index remains down more than 13% from 2015’s high of 5996.9 struck on March 3.
But still, it’s a long way from the gloom last week.