The FTSE 100 rallied this morning putting an end to its 6.4% tumble over the past four days' tr...
The FTSE 100 rallied this morning putting an end to its 6.4% tumble over the past four days' trade. After the index slumped to a 35 month low yesterday investors decided it was time to start snapping up stocks they deemed to have fallen to bargain levels. At morning trade the FTSE 100 bounced upwards 70 points to 5103 as 85 of its constituents posted gains.
Wall Street's performance on Monday also boosted UK confidence. The US markets didn't perform spectacularly but most importantly, they didn't decline.
Leading the FTSE 100's advance today was Marconi, who clawed back a further 6p to 39p, making some headway into recovering some of the 60% of its value that has been lost in the last month. Sage and Energis also fared well, adding 7% and 6% respectively.
Wall Street managed not to hemorrhage value on Monday, the Dow Jones ended up flat at 9605, the Standard & Poor's 500 even picked up 6 points to 1092 and the Nasdaq edged up 7 to 1695.
Investors sought refuge in pharmaceutical company shares, Bristol-Myers Squibb and Pfizer fared especially well as investors reasoned that their profits will most ably ride the slowing economy.
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