Monday proved to be a solid start to the week for the FTSE 100 and global markets as investors ...
Monday proved to be a solid start to the week for the FTSE 100 and global markets as investors started to gamble that an economic upturn is more firmly in place.
The FTSE 100 advanced 73 points to 5242, although it did fail to hang on to more impressive gains late on in the session.
Today's advance leaves London's leading index at an eight week high and no longer at a loss for 2002.
Further encouraging UK data emerged today – the UK construction industry grew faster in February than in in January and the confidence of UK service companies improved for the first time in a year.
Pearson led the FTSE 100 charge with an impressive gain of 106p to 876p The group announced a smaller-than-expected loss for last year and the Finance Director assured investors business shouldn't deteriorate this year.
HSBC Holdings also fared well with a rise of 7.6% to 837. The bank said the worst was over as it admitted second half profit plunged 44% impacted by money set aside for bad loans in Argentina.
In the US all the major indices were performing well at midday. The Dow Jones added 140 to 10509, its highest level in seven months. The Standard & Poor's 500 was up 14 to 1145 and the Nasdaq advanced 36 to 1839.
It's hoped that more encouraging US indicators will emerge this week including reports showing US job losses have stopped and factory orders increased.
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