Bullish news from US technology bellwether Cisco Systems prompted an upbeat close to the week f...
Bullish news from US technology bellwether Cisco Systems prompted an upbeat close to the week for London and Wall Street.
The FTSE 100 finished the day up a healthy 75.4 points to 5471.9, marking a gain of 129.8 points for the week.
Only handful of FTSE 100 stocks declined today and topping a crowded gainers board was Telewest bouncing back from recent declines with a gain of 6.5p to 67p.
The market optimism failed to infiltrate the Colt Telecom camp however and the stock continued to tumble as fears of an imminent profit warning grow. The stock was the FTSE 100 worst performer again with a loss of 7p to 199p.
The Federal Reserve might have failed cheer Wall Street with its interest rate cut this week but technology bigwig Cisco spurred a rally after it said that signs were emerging that its business was stabilising. The network equipment manufacturer announced that orders are meeting forecasts, which promoted the Nasdaq to enjoy its biggest gain since July 12. Cisco was up $1.12 to $17.88 at midday.
All the key US indices were higher at midday - the Nasdaq improved 51 to 1894, a 2.8% rise, the Dow Jones added 181 to 10410 and the Standard & Poor's 500 gained 18 to 1180.
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