European Stocks on Track to Post a Strong Weekly Performance And The German DAX Rises to a Record High

European stocks rose Friday, January 8th, while the German DAX index hit a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers.

The European STOXX600 index rose 0.7% by and heading towards a weekly gain of more than 3% in light of hopes that more stimulus in the United States will give a boost to sectors that are highly affected by the economy, such as mining companies, oil and gas, and banks.

The German DAX index jumped 0.8% after data showed industrial output and exports rose more than expected in November.