Howard Wheeldon Comments: FTSE Bouyed By Upbeat Wall Street - Daily Mail

Daily Mail, July 16, 2009

Energy and mining stocks led the Footsie on a charge today, inspired by the reporting season on Wall St, which has kicked off with upbeat news.

The FTSE 100 gained 108.78 points to 4346.46 as, despite some terrible UK unemployment figures released today, optimism returned to world markets that we might be out of the woods.

The Dow Jones industrial average opened up 128.6 points at 8,488.04 after better-than-expected second-quarter earnings news from Intel followed that from Goldman Sachs last night. Investors will now keenly await news this week from the other big US banks, Citigroup and Bank of America. There is still plenty of caution in world markets though, says Howard Wheeldon, strategist at BGC Partners: 'Volumes remain pedestrian... and because of the results in the U.S. we forget the long-term realities of the economic difficulties we're still facing in this country.'

Oil stocks drove the Footsie higher, as crude crept back above the $60 mark and Nigerian rebels declared a 60-day cease-fire in its local campaign targeting oil and gas installations.

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Howard Wheeldon Comments: FTSE Bouyed By Upbeat Wall Street - Daily Mail

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