Shares rally but await news from US

The FTSE-100 Index is up 67.0 points, meaning that it has now gained more than 300 points since Thursday night's close.

Then shell-shocked investors saw £53bn wiped from the market in one session.

The Footsie now stands at 5643.6 but this new found resolve will be tested by a speech on the US economy from Federal Reserve chairman Alan Greenspan later today.

On this side of the Atlantic, Ericsson weighed in with 1,200 UK job cuts, although the announcement hasn't depressed the market.

With little else in the way of major corporate news, it is mainly old economy stocks leading the risers board, with banks and retailers on the up.

Royal Bank of Scotland has risen 67p to £15.12, Barclays is up 47p at £20.47 and insurer Prudential has risen 19p to 761p.

On the high street, Marks & Spencer has risen 3p to 243¼p while Dixons has jumped 2¾p to 259¾p, and Kingfisher has risen 7½p at 448½p.

Outside the Footsie, EMAP has seen its share price rise despite announcing plans to cut back on digital investment.

In a pre-close season briefing t magazine publisher told analysts its full-year figures are likely to be in line with expectations and that it had received offers for its US division. Shares improved 18½p at 748½p.

But Old English Inns is under pressure after saying business had been severely affected by the foot-and-mouth crisis. The bleak trading statement caused shares to fall 11%, or 9p at 72½p.

Shoprite has also seen shares plunge 31% - off 4½p at 10p - after warning that figures for the last year will miss forecasts. And conservatories business Ultraframe has lost 12%, or 49½p, at 354p after warning its profits figure for the year would be hit by "extraordinary weather" in the autumn.