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European markets end higher
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September 28, 2001: 12:12 p.m. ET
European bourses end higher for the fifth consecutive session
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LONDON (CNN) - Europe's major bourses closed higher for the fifth straight session on Friday as shares rose across a range of sectors.
London's FTSE 100 closed 2.9 percent, or 140 points, higher at 4,903.4, while the CAC 40 in Paris ended up by 1.6 percent, or 65.8 points, at 4,079.02. Frankfurt's Xetra Dax jumped 2 percent, or 85.32 points, to 4,269.82.
Insurance, technology, auto and oil and gas stocks led gains across the continent.
Europe's largest chipmaker, STMicroelectronics (PSTM), jumped 9.8 percent to top the gainers in Paris, while its nearest rival, Infineon Technologies (FIFX) rose 5.9 percent in Frankfurt.
Philips Electronics, rose 9.2 percent, while telecom equipment maker Alcatel (PCGE) closed 2.7 percent higher in Paris and the world's largest mobile phone maker, Nokia, increased by 5.6 percent.
SAP (SAP), Europe's biggest software maker, advanced more than 5 percent in Frankfurt. The company said it would buyback  400 million ($368 million) of its own stock that could be used for possible acquisitions. UK accounting software company SAGE (SGE) climbed 2.8 percent.
Telecom Italia rose 5.5 percent. Pirelli, the telecom company's new owner, announced plans to slash holding company Olivetti's debt with the sale of assets worth 6 billion and a 4 billion capital increase. Olivetti soared 10 percent and Pirelli jumped 9.2 percent in Milan.
Shares in car makers rose across Europe. In London, Rolls Royce (RR-) ended 4.4 percent higher in Paris, Peugeot (PUG) rose 4.6 percent and Renault (PRNO), France's leading automaker, advanced 3.3 percent.
In Frankfurt, Volkswagen (FVOW) climbed 3.8 percent while BMW (FBMW) was up 4.3 percent. DaimlerChrysler (FDCX) climbed 4.4 percent.
Financial stocks also performed well across the continent. Barclays (BARC), Britain's fourth-biggest bank, rose 2.2 percent and German bank Commerzbank (FCBK) was up 4.8 percent.
Insurers that had been battered because of concerns about exposure to the terror attacks on New York and Washington regained ground. Allianz (FALV), Europe's second-biggest insurer, rose 3.2 percent in Frankfurt and Britain's Prudential (PRU) gained 8.8 percent.
Europe's biggest insurance company, AXA (PCS) climbed 4.2 percent in Paris while AGF (PAG) ended 2.3 percent higher.
BP (BP-), the world's third-largest publicly traded oil company, ended 4.5 percent higher, while Shell Transport & Trading, which owns 40 percent of the second-largest oil firm, Royal Dutch, ended up by more than six percent. Royal Dutch was 5.3 percent higher.
In Amsterdam the AEX index climbed 4.6 percent and the SMI in Zurich was 3.2 percent higher, while Milan's MIB30 index rose 4.6 percent.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was up 3.3 percent, with the computer services, information technology, life assurance, auto and oil and gas sub-indices pulling the index forward.
In the U.S., investors responded warmly to better-than-expected economic numbers, finding a good excuse to extend the previous day's rally, even in the face of long-term instability.
The University of Michigan consumer sentiment index was revised lower for September, but still managed to surpass economists' expectations, while the Chicago Purchasing Management Association index of manufacturing activity showed a rise in September, when economists had expected a fall.
Just ahead of midday trading, the Nasdaq composite index rose 30.81 to 1,491.52, while the Dow Jones industrial average rose 140.30 to 8,823.72. 
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