European markets rejoice after US rally

European exchanges opened strongly this morning after a rally on the US markets yesterday pushed the Dow Jones Index over the psychologically important 11,000-point level for the first time since September 2000.

By Joey Gardiner, 17 May 2001 10:15

NEWS The FTSE 100 rose 1.1 per cent in early trading, with the other main Euro exchanges following suit. Tech indices performed even more strongly, with the FTSE TechMARK index up 2.3 per cent and Germany Neuer Markt up over 3 per cent. The rises were led by gains for telcos, including Vodafone, up 2.8 per cent, Marconi, up 2.2 per cent and BT rising 2.5 per cent. Smaller stocks, including chipmaker ARM and software company Sage also surged forward. The gains follow a confident rally in the US yesterday which saw the Nasdaq rise almost 4 per cent, and the Dow Jones Index make 3.2 per cent in one of its largest ever one-day gains. Pundits put the rise down to markets finally digesting Tuesday's interest rate cut by the Federal Reserve Bank.

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