The US markets opened with gains for its three core indices to follow their gains yesterday after the...
The Dow Jones climbed 28 points to 11,280 while the Standard & Poor's 500 gained 5.10 to 1293.50 and the tech focused Nasdaq index added 35.50 to 1932.50.
Ciena climbed $4.08 to 62.98 after the maker of fibre-optic equipment said pre-tax earnings gained more than expected after a doubling in sales. Computer group Juniper rose $1.86 to 59.75 and Nortel Network increased 21 cents to $14.10. Hewlett-Packard advanced $1.26 to 28 when the computer group said second quarter profit beat analyst expected.
In addition to the US markets the FTSE 100 continues to benefit from the Federal Reserve's interest rate cut climbing 72.5 points to 5956.5 with gains for telecommunication and technology stocks.
Leading European semiconductor producer ARM gained 27p to 374p when ABN Amro analyst Harvey Robinson tipped the stock saying Intel is an extensive licensee of Arm's architecture. ARM wasn't the only stock to gain by association. BT climbed 18.5p to 542p after announcing it is to join Intel in developing applications for high-speed mobile phone based internet services.
Producer of data for mobile phone services Logica increased 44p to 912p helping to take the FTSE 350 software and computer services index 4.6% higher - the biggest sector increase. Colt Telecom, the provider of voice and data services gained 49p to 881p, Misys rose 20p to 585.5p, CMG increased 24.5p to 423.5p and Sage advanced 11p to 275p.
Retail stocks benefit after the National Statistics office released data saying retail sales advanced 0.6% in April on the previous month. Marks & Spencer advanced 7.25p to 275p, GUS increased 8p to 585p and Kingfisher climbed 13.25p to 436.25p.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation