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US stocks lifted by bank results US stocks lifted by bank results
(19 minutes later)
US stocks rose in early Thursday trading after investor sentiment was lifted by better than expected results from investment bank Morgan Stanley. US stocks rose in early Thursday trading after investors' mood was lifted by better than expected results from investment bank Morgan Stanley.
Despite Morgan reporting a 42% drop in first quarter profits, analysts had expected much worse from the bank. Despite Morgan reporting a 42% drop in first-quarter profits, analysts had expected much worse from the bank.
In the first hour of trading, Wall Street's main Dow Jones index was up 41 points or 0.3% to 12,431.In the first hour of trading, Wall Street's main Dow Jones index was up 41 points or 0.3% to 12,431.
The main UK, German and French share indexes were also slightly up in afternoon trading in Europe.The main UK, German and French share indexes were also slightly up in afternoon trading in Europe.
Analysts said US investor confidence was further lifted by US Treasury Secretary Henry Paulson's announcement that changes to government-backed mortgage providers Fannie Mae and Freddie Mac will release an additional $200m (£100m) for the financing of home loans. Additional funds
Analysts said US investor confidence was further lifted by US Treasury Secretary Henry Paulson's announcement that changes to government-backed mortgage providers Fannie Mae and Freddie Mac would release an additional $200bn (£100bn) for the financing of home loans.
US stocks were also helped by Tuesday's latest interest rate cut from the Federal Reserve.
The Nasdaq index was up two points or 0.2%.
Yet despite the rises, analysts said market turbulence could continue for some time.Yet despite the rises, analysts said market turbulence could continue for some time.
Watchdog investigation
In London, the FTSE 100 was up nine points or 0.2% to 6,515 by 1405 GMT.
The UK stocks news was dominated by sharp losses to banking stocks, led by HBOS.
The declines led to the UK market watchdog, the Financial Services Authority, announcing that it was looking into whether rumours had been deliberately spread to undermine bank shares.
Officials at the Bank of England denied that any UK banks were in trouble.
Concerns about the financial strength of banks were strengthened last week when the fourth-largest corporate lender in the US, Bear Stearns, needed emergency funds before being bought by rival JP Morgan Chase.