A resounding day's trade in the US and UK yesterday lifted optimism that the worst of the bear market...
The FTSE 100 added 13.1 points to 5634.9.
But bad news for software stocks after FTSE 250 member Autonomy issued an earnings warning this morning due to a slowdown in European and US IT spending. The stock collapsed 287p to 283p.
Select technology stocks fell but the big loser among the FTSE 100 was Spirent as it lost 30p to 330p.
The telecom sector had a good start with Vodafone, Telewest and Cable & wireless all up around 2%.
Broker UBS Warburg dampened investor confidence after it trimmed its expectations for the FTSE 100. The group's 2001 year end forecast now stands at 6000 from 7000 and its 2002 year end target was pared from 7500 to 6500. UBS said earnings growth will fall further in the foreseeable future but an actual contraction isn't on the cards.
US markets lapped up positive earnings news from Dell Computer and Alcoaby its close yesterday, spurring a booming day's trade for Wall Street. The Dow Jones recovered 402 points to 9,918, a rise of 4.2%. The technology biased Nasdaq stormed 146.2 points higher, more than 8%, to 1785 while the S&P 500 improved 48.19 to 1151.44.
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