Despite things such as the fiscal cliff and the economic crisis in Europe, Dubai still goes strong with stability granted by oil. The oil rich nation's financial market spiked by almost 3 percent this new years as a loud statement that Dubai will keep going on.
Dubai Financial Market cast worries about a New Year credit squeeze on UAE home loan-to-value ratios and surged 2.7 per cent on the first trading day of 2013. This advance came before a similar jump in share prices on Wall Street as the US finally inked a deal to avoid the fiscal cliff of higher taxation and spending cuts.
Some Wall Street traders immediately warned that this is the top of the recent rally and not the start of a major advance in share prices. Others reckoned a combination of low interest rates and a Fed commitment to devalue the dollar set the Dow Jones up for a massive spike to 20,000.
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