Europe midday: Stoxx hits fresh high on US rally

(Sharecast News) - European stocks hit a fresh intra-day high on Tuesday, moving close to new highs after the Dow Jones ended at a record level on Wall Street the night before. The Stoxx 600 index gained 1.12% to reach 643.22 points by 1158 BST.

Germany's DAX rose 1.41%, France's CAC 40 gained 0.60%, Britain's FTSE 100 was up 1.16 and Ital's MIB advanced 1.05%.

Major US markets also advanced overnight. The Dow Jones climbed above 52,000 for the first time, helped by a rebound in technology shares after a tough week. Investors were also watching a temporary halt in tensions between the US and Iran, which raised uncertainty about how long the truce would last and what it might mean for oil supplies from the Middle East.

By the close, the Dow Jones Industrial Average was up 0.59% at 52,182.74. The S&P 500 rose 1.18% to 7,440.43, and the Nasdaq Composite finished 2.07% higher at 25,820.14.

The Dow's strong performance on Monday came after Washington and Tehran agreed on Sunday to stop attacks and allow commercial ships to pass freely through the Strait of Hormuz. The deal followed a weekend of military exchanges that threatened to derail efforts to end their conflict. US President Donald Trump said the two countries were preparing to hold new talks in Qatar on Tuesday, though Iran did not immediately comment.

In company news, Genmab shares climbed after the Danish biotech firm and its partner AbbVie announced that a drug combination for treating lymphoma achieved its main goal in a late-stage clinical trial.

Trading in Teleperformance was briefly halted after the stock tumbled as much as 15.5% in early trading. Shares of the French business services provider were still down 11% after US rival Concentrix cut its full-year revenue outlook late Monday, prompting clients to reassess their demand for its services, with the California-based company's stock down 24% in premarket trading.

Reporting by Frank Prenesti for Sharecast.com