S&P 500

The FTSE 100 index finally closed up again after a bad start to the day, thanks largely to news of Bradford & Bingley's financial report, but the dollar hit a 12-year high against sterling at the same time.

The FTSE 100 index struggled to regain any confidence in Tuesday's trading after Compass and Rentokil both reported slower profit growth.

Mining giant BHP Billiton helped to lift confidence in UK trading today after announcing it had bought back more shares than initially predicted, while Corus boosted shares by increasing the price of steel.

UK stocks have regained some of the ground lost yesterday as the indicators which drove the market down - oil and the US dollar - are now moving in the other direction.

Oil prices and mining were firmly back on the agenda again today, as the price of a barrel of oil rose close to $50 again in New York this afternoon and pushed the value of dependent firms downwards.

Today's trading on the FTSE 100 index was dominated largely by the UK Government's plans to ban smoking in public places, driving down share prices of the tobacco companies and pub chains.

The FTSE 100 closed up at its highest level in almost 2½ years by close of business on Friday, as the index ended just six points from the 4800 threshold.

Final call on the US election could yet be at least a couple of weeks away, but global stock markets are already reacting positively to Bush's as the FTSE 100 has crossed the 4700 barrier for the first time in two years.

Drugs giant Shire Pharmaeuticals helped the FTSE 100 index to cross the psychological 4,600 barrier again this afternoon, after announcing it has distribution approval in the US.

Shares on the FTSE 100 index suffered a setback today largely because the continued pressure on oil prices is beginning to take its toll on firms such as British Airways.