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FTSE 100 jumps on Trump spending plans FTSE 100 jumps on Trump spending plans
(about 3 hours later)
The London market rose strongly in early trading, which some traders attributed to Donald Trump's speech to Congress overnight. The London market added to early gains in lunchtime trading, which some traders attributed to Donald Trump's speech to Congress overnight.
The benchmark FTSE 100 index jumped 0.75% to 7,317 points. The benchmark FTSE 100 index jumped 1.1% to 7,342 points.
Connor Campbell of Spreadex said: "The bar is so low with Trump that something resembling a 'presidential' performance can bring relief to investors."Connor Campbell of Spreadex said: "The bar is so low with Trump that something resembling a 'presidential' performance can bring relief to investors."
Mr Trump pledged $1 trillion in infrastructure spending and "massive" tax cuts for the middle classes.Mr Trump pledged $1 trillion in infrastructure spending and "massive" tax cuts for the middle classes.
However, he did not detail how any of it would be paid for.However, he did not detail how any of it would be paid for.
Greg McKenna, chief market strategist at AxiTrader, said it was a "bit of a disappointment in the sense that he did not put any more meat on the bones" of past promises.Greg McKenna, chief market strategist at AxiTrader, said it was a "bit of a disappointment in the sense that he did not put any more meat on the bones" of past promises.
Next was the biggest riser on the FTSE 100, up 3.6%. CRH was the biggest riser on the FTSE 100, up 5.6%, while Next added 3.5% following a broker upgrade.
BHP Billiton and Glencore both added 2.5% and 2.3% respectively, although fellow miner Fresnillo shed 2% to make it the biggest faller. Glencore added 3%, but fellow miner Fresnillo shed 2% to make it the biggest faller.
ITV added 1.6% after announcing a £200m special dividend with its annual results. ITV added 2.5% after announcing a £200m special dividend with its annual results.
On the FTSE 250, Mitie Group added 5.3% after selling its troubled social care businesses for a nominal £2 to private equity firm Apposite Capital. On the FTSE 250, Mitie Group added 5.2% after selling its troubled social care businesses for a nominal £2 to private equity firm Apposite Capital.
On the currency markets, the pound was flat against the US dollar at $1.2377 and up 0.25% against the euro at 1.1734. On the currency markets, the pound fell 0.6% against the US dollar at $1.2306 and shed 0.2% against the euro to 1.1685.