The FTSE 100 is on the rise again in the belief that the profit slowdown in the US economy is over, ...
The FTSE 100 is on the rise again in the belief that the profit slowdown in the US economy is over, as a result of a positive close on Wall Street.
The FTSE 100 gained 67.8 points to 5,353.9 this morning.
However lower-than-expected profits from Lloyds TSB following its abortive bid for Abbey National should weigh on the banking sector while further bad news from Sony could hit tech stocks later during the day.
Among the gainers are ARM, the designer of microchips and Colt Telecom which were up 12p or 4.8% to 261p and 12.5p to 323p respectively.
In the US, the Dow Jones closed 50 points higher at 10,456 and the Nasdaq rose 39 points to 2023 led by a rally in chip stocks after recent declines.
Among the gainers were Amgen, the biotechnology company, which rose as high as $62.67 in after-hours trading after announcing second-quarter profits to have risen to 30 cents per share. Qualcomm, the licenser of patents for mobile phones, was up to $63.50 in after hours trading led by an announcement of higher-than-expected profits.
There was a slump in Japanese stocks today as Sony slashed its annual profit forecast by 40%.
The Nikkei 225 stock average slid 60.48 to 11 798.08.
Hong Kong's Hang Seng faced a brighter fate when the index rose 89.18 points to 12,129 as telecommunications and computer-related stocks took their lead from the Nasdaq.
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