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Shares rise on renewed optimism Shares rise on renewed optimism
(about 4 hours later)
European and Asian shares have risen strongly while Wall Street built on Tuesday's gains, after the latest signs of US economic recovery. Shares worldwide have risen strongly after the latest signs of an economic recovery in the US.
The UK's FTSE 100 index achieved its highest close for almost a year, rising 1.6% to close at 5124.1 points. Shares on Wall Street continued upwards thanks to better-than-expected industrial production data.
Shares on Wall Street continued their rise thanks to better-than-expected industrial production data. The Dow Jones Industrial Average closed up 107.5 points, or 1.1%, at 9,791, which was an 11-month high. It has now risen for eight of the past nine days.
By the middle of the trading session in New York, the Dow Jones index was 0.8% higher at 9,761.5 points. The UK's FTSE 100 index also achieved its highest close for almost a year, rising 1.6% to close at 5124.1.
The Dow has risen in seven of the past eight days - if only modestly - and is at its highest level in 2009. US monthly trade deficit figures - which narrowed in May but then widened in June and July - have also been seen by analysts as a signal that the US recession is nearing its end.
US monthly trade deficit figures - which narrowed in May, but then widened in June and July - have also been seen by analysts as a signal that the US recession was nearing its end.
But there have been warnings that investors should not get too carried away while money is still being pumped into stimulus packages, which flatter the economy.But there have been warnings that investors should not get too carried away while money is still being pumped into stimulus packages, which flatter the economy.
"The valuations today are such that I feel that the markets are very much fully valued," said Michala Marcussen at Societe Generale Asset Management."The valuations today are such that I feel that the markets are very much fully valued," said Michala Marcussen at Societe Generale Asset Management.
"The real question is what happens when we pull away the stimulus, which we will at some point.""The real question is what happens when we pull away the stimulus, which we will at some point."
The FTSE's rise was mirrored across the rest of Europe. In Paris the Cac 40 was 1.6% higher and Frankfurt's Dax closed up 1.3%.The FTSE's rise was mirrored across the rest of Europe. In Paris the Cac 40 was 1.6% higher and Frankfurt's Dax closed up 1.3%.
The main Australian share index had earlier closed up 2.2%, while Hong Kong's Hang Seng added 1.8% and India's Sensex advanced 0.8%.The main Australian share index had earlier closed up 2.2%, while Hong Kong's Hang Seng added 1.8% and India's Sensex advanced 0.8%.