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FTSE 100 higher on Fed statement FTSE 100 higher on Fed statement
(about 4 hours later)
(Open): Shares jumped in early trade as investors reacted to the latest comments from the US Federal Reserve. (Noon): The London market rose 1% as investors reacted to the latest comments from the US Federal Reserve.
The Fed said it would take a "patient" approach to raising interest rates, adding that there would be no move for "at least a couple of meetings".The Fed said it would take a "patient" approach to raising interest rates, adding that there would be no move for "at least a couple of meetings".
This implies there will be no rate rise before April, but analysts still expect the Fed to act by mid-2015.This implies there will be no rate rise before April, but analysts still expect the Fed to act by mid-2015.
The FTSE 100 opened up 65.12 points, or 1%, at 6,401.60. Energy shares were up as oil prices strengthened. The FTSE 100 was up 61.66 points, or 1%, at 6,398.14. Energy shares were up as oil prices strengthened.
Brent crude was above $61 a barrel, having fallen as low as $58.50 earlier in the week. The price of oil has strengthened slightly on signs that oil producers are scaling back investment because of the recent slump in prices. Having fallen as low as $58.50 earlier in the week, Brent crude rose above $63 a barrel following signs that oil producers are scaling back investment because of the recent slump in prices.
A rally in gold prices helped commodity-related stocks, with Randgold Resources up 3.1%. Among oil-related stocks, Petrofac shares rose 5.6%, Tullow Oil was up 2.2% and BP was nearly 1% higher.
Shares in chip designer Arm Holdings rose 3.4% as they tracked rises in tech stocks in the US. Shares in chip designer Arm Holdings rose 3.6% after brokerage Exane cited upbeat comments from the company about prospects for the Chinese smartphone market.
On the currency markets, the pound was flat against the dollar at $1.5577 and rose 0.24% against the euro to €1.2650. On the currency markets, sterling was boosted by strong UK retail sales figures, which were helped by the impact of Black Friday promotions.
The pound was up 0.5% against the dollar at $1.5657 and rose more than a cent against the euro to €1.2720.