Wall Street advanced today fuelling a gain on the FTSE. Better than expected profit reports and a su...
Wall Street advanced today fuelling a gain on the FTSE. Better than expected profit reports and a surprising drop in the US jobless rate triggered hope for a recovery.
The Nasdaq is up 17.3 points to 1961.78 while the Dow Jones Industrial Index rose 81.5 points to 9793.72.
Citigroup is among the biggest gainers after the financial services company announced a higher than expected profits per share. The shares of the company gained $1.10 to $49.62.
Computer related shares gained after good news from Compaq and Apple. Compaq shares gained 33 cents to $11.43 after it announced better than expected first quarter sales. While Apple advanced $1.29 to $22.07 after it projected revenue above forecasts.
Yahoo rose $1.08 to $18.95 after it reported that fourth quarter profits will beat estimates. While IBM climbed by $2.20 to $119.45 after Lehman Brothers increased its rating.
In the UK, official figures were not as uplifting as the ones in the US. Economic figures showed that retail sales fell by 0.3% in December compared to a growth of 1% in November. This was due to the rise in unemployment. However the FTSE 100 closed higher by 10.8 to 5138.4.
Telecommunications related stocks gained after Siemens announced that it met its mobile phone sales target. Vodafone added 3.25p to 165.75p and ARM Holdings rose by 0.5p to 326p.
Despite negative figures on the retail sector, Boots rose by 16p to 617p and Marks & Spencer added 1p to 360.5 on announcement of better than expected Christmas sales.
GlaxoSmithKline shed 60p to 1640p after it was announced that new asthma drugs may not help patients with severe lung conditions. While, Reuters fell 25.5p to 631.5p after ABN Amro stated that its electronic trading unit had weaknesses.
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