The FTSE 100 closed higher buoyed by gains on the US Nasdaq and Dow Jones indices. The Dow pierce...
The FTSE 100 closed higher buoyed by gains on the US Nasdaq and Dow Jones indices.
The Dow pierced the 10,000 mark adding 253.62 points to 10,098.77 while the Nasdaq rose 107.98 to 1853.69 and the Standard & Poor's 500 31.84 to 1169.43.
US markets were led higher by Intel after an online news story saying the latest version of its Pentium 4 processor would ship sooner than expected, and at a reduced cost. Intel added $1.38 to 24.58 while Motorola climbed $1.11 to 12.61 on expectation its first quarter earnings will cheer investors.
Back home the FTSE 100 closed 139.70 points higher at 5803 with telecom equipment group Marconi gaining 31p to 341p. The City's profit concerns were allayed by the group's announcement that it is to cut 3,000 jobs over the next 12 months. Operating profits are expected to be in line with expectations at around £800m.
Telecom equipment tester Spirent lifted on Marconi's news and upped the mood by announcing a contract win with US group Qwest. Spirent shares climbed 30p to 335p. Other telecoms recorded decent gains including index heavyweight Vodafone up 13.5p to 219p with Cable & Wireless gaining 26.5p to 531.5p.
Despite unveiling good results today, Tesco headed a decline across the retail sector with investors keen to switch to new economy offerings. Tesco lost 10.25p to 259.25p. Marks & Spencer was hit by news that a Paris high court judge yesterday ordered that the retailer's planned closure of its French stores be suspended because of M&S's breach of company and employment laws. The stock lost 10.25p to 259.25p.
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