US stocks open higher to reverse yesterday’s losses
US stocks opened up on Friday, helping to pare back sharp losses on Thursday.
The blue-chip S&P 500 added 0.84 per cent in morning trading to reach 4,357.
The tech-heavy Nasdaq gained 0.67 per cent, while the Dow Jones was up sharply by 1.11 per cent during the open.
American benchmarks’ rebound was driven by investors’ appetite for risk recovering following Thursday’s worst fall for far this year.
Concerns that the rapid spread of the Delta variant of coronavirus could slow the global economic recovery drove yesterday’s losses.
FTSE 100 jumps as miners drive recovery
London’s FTSE 100 approached the week’s close up, driven by a rally among mining stocks.
The capital’s premier index climbed 1.13 per cent to reach 7,109 in the afternoon session.
The rise reversed steep falls yesterday, when just a handful stocks in the entire index registered gains. It came after investors digested figures showing the UK economy grew 0.8 per cent in May, slightly lower than expected.
Read more: UK economy grows 0.8 per cent in May
The domestically focused mid-cap FTSE 250 surged 1.11 per cent per cent, while AIM edged up in the afternoon.
Winner and losers
The day’s biggest winner was miner Evraz, shooting up 5.45 per cent.
Fellow miners BHP Group and Rio Tinto came second and third, adding 4.45 per cent and 4.06 per cent respectively.
Rising commodity prices and increased infrastructure spending in the US are prompting investors to be more buoyant on mining stocks’ outlook.
Takeaway deliver company Just Eat was the day’s worst performer, losing 3.77 per cent.
Business services company Rentokil was the second worst performer, dipping 1.79 per cent, while value retailer B&M came third, down 1.06 per cent.
Read more: FTSE 100 plummets as just two stocks register gains
Around the world
The strong performance in the US and London was not mirrored in Asian, with Japan’s flagship benchmark Nikkei falling 0.63 per cent.
Hong Kong’s Hang Seng was up 0.7 per cent.
European shares posted a strong day, with the Stoxx 600 gaining 1.32 per cent.
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