Choppy trading in silly summer volumes has seen the FTSE 100 nip into positive territory just in time for the close and achieve that record-matching 11-day winning streak.
Only just, however. The index closed up 9.5 points, or 0.2%, at 4,586.13. It has now enjoyed 11 straight sessions of gains since July 13 and is up 459 points, or 11%, over the course of that rally.
It was a volatile afternoon, with the FTSE 100 dipping into the red after a lacklustre start on Wall St following downbeat news from Verizon. But there was also upbeat news out of the US on new home sales.
Government data showed that sales of new single-family homes rose more than expected in June, while the inventory of homes for sale fell to its lowest level since early 1998.
Dimitry Fleming at ING Financial Markets sees a mildly positive trend but cautions that a true recovery in US housing "is not possible until the supply overhang has been sufficiently addressed."
"The monthly numbers are very volatile, but three month-on-month increases in a row leave room for doubt that the slump in housing is stabilising."
"Record high affordability is luring buyers into the market, but tight credit, job distress and fierce competition from cheap foreclosed existing homes are posing a threat to a further recovery."
