Dow Jones

The benchmark FTSE 100 has so far lost about 20 points to 4,548 after UK stocks fell on comments made by Federal Reserve Chairman Alan Greenspan yesterday, suggesting US interest rates may rise sooner than expected.

The FTSE 100 index today closed at its highest level this year, after ratings upgrades boosted confidence in banking profits.

The FTSE 100 index closed up 8.9 points to 4,546this afternoon after UK stocks rebounded, led by gains made by struggling retailer Marks & Spencer.

Talk of takeover at WH Smith and M&S has encouraged the FTSE 100 to gain just a little more ground this morning, however, GKN has pulled trading downwards.

Diageo's plans to close its London Guinness plant seems to have gone down well with analysts, as the drinks firm rose to an 18-month by end of London business and other "sin stocks" helped the FTSE to close the week 1% up.

The FTSE 100 index has so far this morning gained around eight points to 4,513 after UK stocks rose, led by ITV and British Land.

The FTSE 100 managed to pull back some of yesterday's losses thanks to a rally and an 11-month high in GlaxoSmithKline's share value and a weakening of sterling against the dollar, and all despite a 27% loss in Jarvis' share value.

The benchmark has currently pulled back around 15 points to 4,500 after it yesterday suffered its biggest drop in three weeks.

The benchmark FTSE 100 closed down 30.40 points today at 4,485.40, its biggest decline in three weeks, after the mining industry aired concern demand for metals from China may slow as the country's government tries to moderate economic growth.

Having rallied so confidently yesterday, the FTSE 100 has taken a dive of almost 1% within the first hour of trading this morning, which has pushed the index back under 4500 and the share value of mining companies down.