UK stocks rose, led by drugmakers and drinks companies after the Bank of England said the British ec...
UK stocks rose, led by drugmakers and drinks companies after the Bank of England said the British economy will expand less than previously forecast.
The Footsie closed at 5884.00, up 41.10p. Diageo Plc, GlaxoSmithKline Plc and AstraZeneca Plc climbed as investors sought companies regarded as steady profit generators.
Safeway rose after the UK's number four supermarket chain said its fiscal second-half profit rose 75%. Anglo American Plc climbed on investor confidence that the top mining company's joint bid for De Beers will succeed Friday.
US stocks rallied, sending the Dow Jones Industrial Average above 11,000 for the first time in three months, as some investors looked to an expected recovery later this year, sparked by Federal Reserve interest-rate cuts.
Computer-related and telecommunications shares such as Cisco Systems Inc, Microsoft Corp. and Sun Microsystems turned higher, helping to lift major indexes an hour into the session.
The Dow surged 158.62 to 11,031.59. The Nasdaq Composite Index rose 25.94 to 211.52 and the Standard and Poor's 500 Index jumped 14.41 to 1263.85.
Cisco, the most active US stock, rose 23 cents to $18.97. Microsoft gained $1.12 to $69.39 and Sun Microsystems rallied 22cents to $17.67.
Asian stocks fell, led by TDK Corp. and other electronics exporters. Hewlett-Packard Co. and Dell Computer Corp.'s quarterly earnings due this week may provide insight into whether personal computer sales will rebound from a six-month slump.
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