The Fed's decision today to cut banking lending rates by 0.5 percentage points had the desired effect on stock markets with the FTSE regaining some of this week's losses and the Dow Jones rising the most in a week.
The FTSE100 managed to push up again through the 6,000 mark as markets closed today with the index of the UK’s top shares rising 216 points to 6.075.
The top gains were made by financial companies and miners including Standard Chartered, Black Rock and Standard Life. Lonmin and ICAP were also among the top risers. Meanwhile, the only fallers were ICI and Tesco, down 0.16% and 0.12% respectively.
U.S. stocks followed the FTSE's lead and opened strongly following the news of the Fed’s effort to help control the current credit crisis.
The Dow Jones jumped 207 points to 13,053 while the Nasdaq is 47 points higher at 2,498 and the S&P 500 climbed 30 points to 1,442.
Countrywide Financial Corp., the biggest U.S. mortgage lender, jumped the most in seven years after dropping over the last six days. It surged 10.9% while financial companies Lehman Brothers Holdings and Morgan Stanley also climbed.IFAonline
Developed by industry-wide group
Joined in 2002
'Educate clients' children'
Raised £15m earlier this week
From 8pm Friday 19 October