German Stocks Advance to Record After Christmas Holiday

German stocks climbed, sending the benchmark DAX Index to a record, as investors returned from the Christmas holiday and data showed an improving U.S. jobs market.

Commerzbank AG (CBK) rose 1.4 percent after the lender told Deutsche Presse-Agentur that 2013 operating results in its retail division were above expectations. Deutsche Telecom AG advanced 1.1 percent after CNBC reported that it hasn’t decided whether it will sell its T-Mobile US Inc. division.

The DAX increased 0.8 percent to 9,562.55 at 10:20 a.m. in Frankfurt. The gauge is on track for a second week of gains after the Federal Reserve’s decision to slow the pace of its bond-buying program increased investors’ confidence in the U.S. economic recovery. The measure has rallied 26 percent so far this year. The broader HDAX Index rose 0.7 percent today.

The volume of shares changing hands in DAX-listed companies was 12 percent lower than the average of the last 30 days, according to data compiled by Bloomberg.

In the U.S., a Labor Department report yesterday showed that jobless claims declined by 42,000 to 338,000 in the week ended Dec. 21. The median forecast of 42 economists surveyed by Bloomberg called for a drop to 345,000.

To contact the reporter on this story: Trista Kelley in London at tkelley2@bloomberg.net

To contact the editor responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.