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LONDON, July 25: Britain’s FTSE 100 share index surged five per cent for its best percentage gain in over 10 years on Thursday, as investors grasped a glimmer of a recovery in stock prices on both sides of the Atlantic.
The stock market was cheered by good news from bank HBOS, drinks giant Diageo and an upbeat performance by the Dow Jones industrial average.
The FTSE 100 benchmark index raced higher in late trading to close up 188.8 points at the day’s peak of 3,965.9.
It was the index’s third best percentage gain ever, and best since April 1992. The jump was the fourth best points rise ever, and biggest move since June 1999.
Banks added 49 points to the FTSE’s value, while oil stocks added 31 points, pharmaceuticals tacked on 24 points and telecoms contributed 17 points.
US STOCKS UP: In New York, blue chips swung wildly to scale fresh session highs as investors snapped up beaten-down shares, but technology stocks sagged when a weak outlook from a computer chip giant bashed the semiconductor sector.
The Dow Jones industrial average climbed 107.92 points, or 1.32 per cent, to 8,299.21, a day after it posted its second largest points gain ever — nearly 500 points. The broader Standard & Poor’s 500 Index was up 6.87 points, or 0.81 per cent, at 850.29, and the technology-laced Nasdaq Composite Index was down 22.82 points, or 1.77 per cent, at 1,267.41.—Reuters
