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Market Update: Spanish Stocks Gain Steam
The IBEX 35 traded gained ground to trade around 9,239 on Thursday afternoon, its highest level since February 2020, tracking positive sentiment in Wall Street after a better-than-expected jobless claims report and encouraging GDP data. Market sentiment was also bolstered by news that US President Biden will seek $6 trillion in US federal spending for the 2022 fiscal year. Domestically, optimism around the reopening for the holiday summer season continued. Spains Prime Minister Pedro Sanchez anticipates that the return of tourism, about 12% of the nations GDP, will raise the countrys foreign tourism numbers back up to 70% of their pre-pandemic levels by the end of 2021. [/s2If]
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