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European tech stocks soar
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October 26, 2001: 4:42 a.m. ET
Techs rise after Wall Street rally, Ericsson climbs as chairman steps down
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LONDON (CNN) - Europe's major bourses rose on Thursday, led by technology stocks after another late rally on Wall Street.
Ericsson, the world's biggest supplier of infrastructure for mobile phone operators, rose 4.9 percent after the company said its chairman would step down as it posted a sharp third quarter loss.
The company's stock also rose after Ericsson calmed fears it would have to raise cash through a share issue to keep operating. Ericsson had a cash flow of 1.2 billion kroner in the third quarter, said the company.
London's FTSE 100 rose 0.7 percent to 5,122.1 and the CAC 40 blue chip index in Paris gained 1.1 percent to reach 4,426.11, while Frankfurt's electronically traded Xetra Dax climbed 0.6 percent to 4,742.72.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was up 0.8 percent, with the information technology and computer services sub sectors up more than 2 percent each.
Finland's Nokia, the world's biggest mobile phone maker, rose 1.1 percent, France's Alcatel (PCGE), Europe's No. 4 telecom equipment maker, and German telecommunications and engineering giant Siemens (FSIE) added 1 percent.
Chipmakers made strong gains. STMicroelectronics (PSTM), Europe's biggest chipmaker, rose 3.4 percent and the region's No. 2 Infineon Technologies (FIFX) advanced 2.2 percent and Philips Electronics, the third-biggest, climbed 3.7 percent.
WPP Group (WPP), the world's second-largest advertising company, rose 2.6 percent. The company said on Thursday it would appeal against a decision by Britain's Takeover Panel to block its attempt to abandon a £432 million ($618 million) bid for UK media buyer Tempus Group.
In Amsterdam, the AEX index climbed 1.4 percent and Milan's MIB30 index rose 0.9 percent, while the SMI in Zurich was little changed.
In the U.S. on Thursday, U.S. stocks rallied in the face of dismal economic news as investors, wary of missing the next big gain, continued buying stocks on any dips.
The Nasdaq composite index jumped 43.93 points, or 2.5 percent, to 1,775.47, while the Dow Jones industrial average climbed 117.28 points, or 1.25 percent, to 9,462.90.
Wall Street was expected to open lower later on Friday. S&P 500 index futures fell 6.7 points to 1,096.0 on the Globex trading system, while fair value, a measure that takes account of interest costs and dividend payments, was calculated at 1,101.02. 
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