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CMC analyst Michael Hewson told the Guardian that markets seemed to be encouraged by US Federal Reserve chairman Ben Bernanke's recent speech in which he revealed that the Federal Open Market Committee meeting would last an extra two days in order to cover the options for further stimulus measures.
"It seems that markets have taken this to mean that we could well see further stimulus, despite the significant barriers against it, both political and fiscal," he asserted.
Banking stocks were among those to exhibit some of the greatest improvements, with Royal Bank of Scotland up 7.31 per cent, Lloyds Banking Group rising five per cent and Barclay's soaring six per cent.
The FTSE 100 opened at 5,129.92 today (August 30th) and rose to 5,283.60 before dropping to the current level of 5,255.87.
Posted by Greg Secker
