Dax closes above 26,000 after rising 1.3%

Germany’s Dax index rose 1.3% to close at 26,040 points on Thursday.

The move, driven mainly by company results and the European Central Bank’s interest-rate decision, was its biggest points gain since July.

Mostly positive quarterly results encouraged investors to buy shares, including shares in several large and medium-sized companies.

Volkswagen reported a billion-euro loss for the third quarter, but its shares rose after the company cited one-off costs, including a write-down at Porsche.

Adidas shares gained 5.8% as the company said it aimed to grow more strongly in Europe during the Christmas shopping season.

The close was the Dax’s highest since early September, and could end weeks of trading within a narrow range if the index holds at this level.

Investors were also weighing weaker-than-expected results from Alphabet and concerns about whether its large spending on artificial intelligence will pay off.