UK stocks are climbing again this morning after US shares closed at their highest level for two week...
UK stocks are climbing again this morning after US shares closed at their highest level for two weeks, on the back of revised growth figures.
Vodafone Group, GlaxoSmithKline and BP are all performing well again after it was revealed in a US government report their economy expanded faster than previously estimated for the first quarter.
The benchmark FT-SE 100 Index climbed 2.5% already to 4652.7, as Vodafone, BP and Glaxo account for more than a quarter of the advance.
Vodafone added 3.25p, or 3.7%, to 91.75p while BP gained advanced 6p, or 1.1% to 541p and Glaxo climbed 29p, or 2.1% to 1,425p.
Japanese stocks also rallied for a second day after factory production had its biggest monthly gain in almost a decade to meet increased US demand for exports.
Honda Motor and other exporters have seen the best gains on the back of improved exports, pushing the Nikkei 225 up 2.6% to 10,531.66 points and the Topix technology index rose 2.4% to 1017.59.
South Korea's Kospi index also jumped 4.7%, led by Hyundai Motor, after its union approved a company wage proposal. And Taiwan's TWSE Index added 2%, led by Sunplus Technology, on a newspaper report its sales next year will rise almost a fifth from 2002.
US data also saw Hong Kong's Hang Seng Index improve 1.3% and Singapore's Straits Times Index up 1.9%.
Across the water in the US yesterday, Citigroup and JP Morgan Chase led the advance which raised the S&P 500 to its highest level in two weeks, along with Pfizer, which also rose after announcing it will buy back shares.
The S&P 500 index rose 17.11 points or 1.8% to 990.64, with financial and drug shares accounting for half the gain, while the Dow Jones climbed 149.81 points or 1.6% to 9269.92 and the Nasdaq jumped 29.87 points or 2.1% to 1459.20.
General Motors and Clear Channel Communications are both being eyed as the next potential firms to follow in the footsteps of Worldcom, and be the next to report accounting irregularities. But both companies have denied the speculation.
Citigroup climbed $2.16, or 5.8% to $39.16 and JP Morgan Chase gained $1.23 or 3.9% to $32.72, which is impressive given that both had lent money WorldCom.
Pfizer also rose $1.75 to $36.75 as the drugmaker is going to buy back $10 billion of its shares over the next 24 months.
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