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Calm returns to global exchanges Calm returns to global exchanges
(about 4 hours later)
Calm has returned to global markets, with US shares opening strongly, echoing similar gains in Europe and earlier in the day in Asia. Calm has returned to global markets, with gain in European stock markets, which were mirrored earlier in the day in Asia.
Despite continuing concerns over the US economy, stocks rose after computer firm Apple reported a 67% rise in quarterly profits late on Monday.Despite continuing concerns over the US economy, stocks rose after computer firm Apple reported a 67% rise in quarterly profits late on Monday.
Wall Street's main Dow Jones index was up 65 points, or 0.5%, at 13,632 in early Tuesday trading in New York. Wall Street's main Dow Jones index rose initially in early Tuesday trading but then flattened off later in the day.
In London, the UK's FTSE 100 had added 86 points, or 1.3%, to 6,545. In London, the UK's FTSE 100 closed up 55 points at 6,514.
Caterpillar warningCaterpillar warning
Elsewhere in Europe, Frankfurt's Dax and Paris's Cac were both up 0.9%. Elsewhere in Europe, Frankfurt's Dax was 48 points higher at 7843 and Paris's Cac was up 44 points at 5705.
One of the concerns on Friday was the consumer was going to be hurt by housing and here's a real consumer-based product [Apple] hitting a home run Marc Pado, Cantor FitzgeraldOne of the concerns on Friday was the consumer was going to be hurt by housing and here's a real consumer-based product [Apple] hitting a home run Marc Pado, Cantor Fitzgerald
There were also gains on the two other main US indexes, with the Nasdaq adding 22 points, or 0.8%, to 2,775, and the Standard & Poor's 500 rising 8 points, or 0.5%, to 1,514.
Tokyo's Nikkei index had earlier closed up 12 points at 16,451, with analysts saying Japanese shares were also benefiting from the yen falling against the dollar.Tokyo's Nikkei index had earlier closed up 12 points at 16,451, with analysts saying Japanese shares were also benefiting from the yen falling against the dollar.
The Dow Jones index had fallen sharply on Friday, after US heavy machinery group Caterpillar said it expected the US economy would be "near to, or even in, recession" next year.The Dow Jones index had fallen sharply on Friday, after US heavy machinery group Caterpillar said it expected the US economy would be "near to, or even in, recession" next year.
But on Monday, the Dow Jones finished up 45 points at 13,567 on optimism about Apple's results before they were released following the close of trading.But on Monday, the Dow Jones finished up 45 points at 13,567 on optimism about Apple's results before they were released following the close of trading.
"We've got good leadership with Apple," said analyst Marc Pado, US market strategist for Cantor Fitzgerald."We've got good leadership with Apple," said analyst Marc Pado, US market strategist for Cantor Fitzgerald.
"One of the concerns on Friday was the consumer was going to be hurt by housing and here's a real consumer-based product hitting a home run.""One of the concerns on Friday was the consumer was going to be hurt by housing and here's a real consumer-based product hitting a home run."