At the close: Traders looking up on bumper day for the FTSE 100
The markets were up today, the pound was up today and oil was up today, as buyers outnumbered sellers across the board.
The FTSE 100 closed up 1.4 per cent at 6,219.26, with greens dominating screens, defying logic as economic data pointed to a looming US rate rise and UK public sector finances disappointed.
Tesco was the top performer, up seven per cent to 171.20p, while banks also climbed higher – themselves buoyed by the light at the end of the tunnel in the form of higher interest rates.
Before the bell: What you need to know before the US market open
"European markets firmed on Tuesday boosted by a rise in financial shares, a drop in the euro and oil prices rising for the first time in three days," said Jasper Lawler, market analyst at CMC Markets.
After the Bank of England governor Mark Carney stood by his comments about Brexit triggering a recession, currency traders came piling back into the pound, sending it up 0.9 per cent to $1.4616.
The main reason for the FTSE 100's climb seems to be settled nerves about the prospect of leaving the EU, with polls having moved towards Remain over the past few weeks.
Joshua Mahony, market analyst at IG, however, warned: "The UK index has largely been rangebound throughout May, highlighting the possibility of another sell-off."
As the closing bells rang in London, New York got off to a bumper start after some surprisingly frothy new homes data. The Dow fizzed up 200 points at the open to stand at 17689.85, while the S&P 500 climbed 1.3 per cent and the Nasdaq put on 1.7 per cent.