With the Footsie's worst performing week since 1987 and Black Wednesday finally over, investors have ...
The FTSE 100 rose 102.2 points, 1.9%, to 5417 and claw back part of its 4% drop while the Techmark rose 78.2 to 1942.8.
Ironically, it was tech stocks that led the market upsurge. The sector gains will bring joy to investors in the sector who, of late, have grown used to bad news and profit warnings.
Telecom stocks gaining in value included Colt Telecom, Telwest and Marconi adding 64p to 802p, 16p to 120.25p and 38p to 383p respectively. Telecom software providers Logica gained 134p to 1,074p and Spirent rose 41p to 401p.
Industry technical group Invensys rose 3.75p to 120p having fallen 30% in the last two weeks. Scoot.com fell by a fifth in value, 4p to 16.25p after the internet directory said sales for the three months to end December fell by 51%. Scoot.com has lost 93% of its value in the last year.
After the Nasdaq bounced back yesterday, the Dow Jones and the Standard & Poors 500 decided to get in on the action today. The Nasdaq rose 35.72 points to 1933.42, the Dow Jones rose 41.12 to 9430.60 and the S&P 500 increased 11.81 to 1129.39.
This time last week, only Nokia pleased the markets with a tentative hint of profit hopes but today Red Hat and Tibco Software added cheer. Red Hat, the provider of the Linux operating system rose $1.34 to 6.56 on news it broke even in the fourth quarter while Tibco gained $1.47 to $9.50 with first quarter earnings of 6 cents a share to beat analyst estimates of 3 cents.
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