Monday's trading continued the upward trend, set last week. The big players for the day were banks but the TMT (technology, media and telecommunications) sector also made gains. The gains for the day left the FTSE 100 up just short of 1.5% and the FTSE TechMARK just short of 2.5%.
Tuesday saw UK markets fall backwards, probably due to uncertainty in the US markets. The FTSE 100 fell back by 0.5% and the FTSE TechMARK fell back 1% by close of play although positive services sector growth from the US could have limited the fall.
Wednesday saw stocks back in the black by close of play on Wednesday, with all thanks going to the telecommunications sector. A few gains from blue chip stocks in the US gave UK markets confidence, leaving the FTSE 100 up over 0.5% and the TechMARK at its opening level.
Thursday saw the FTSE 100 up again by close of play, despite the US blue chip sector reversing gains, late in the day. The Bank of England left interest rates at 4% (surprise, surprise) and the FTSE 100 closed up over 0.5%. The TechMARK had a much better day, closing up almost 2%. Optimistic economic growth comments from Alan Greenspan, Chairman of the US Federal Reserve obviously helped markets along.
Friday saw a halt to the general upward feelings for the week on the FTSE 100. This time, good news on unemployment from the US could not keep the blue chip market high up in the positive figures. Despite a fall back, the FTSE 100 closed slightly up for the day and managed an almost 2.5% gain for the week. However, different news for the FTSE TechMARK - a gain of almost 1% for the day and almost 4.5% for the week. Investor confidence for economic growth seems to be boosting the smaller sectors.