Rate cuts work their magic

Shares in London soared in the last few hours of trading as initial disbelief in the effects of today's 0.5% rate cuts by the Bank of England and the European Central Bank turned to euphoria as New York responded positively to the news. After yesterday's marginal rise, the FTSE today closed up 61.8 points at 5,278.1 points. The benefits were not restricted to the large caps, however as the FTSE 250 did even better, putting on 126.9 to 5,653.8. The FTSE 350 was up 33.6 to 2,588.9, the techMARK was up 47.03 to 1,501.78, and the FTSE SmallCap was up 46 to 2,428.7 points. Sof...