European markets raced higher after weaker-than-expected employment and earnings figures capped a week of benign inflation data from the US.
Helsinki confirmed its position as the purest of the new economy markets, soaring 10.3 per cent higher, its biggest-ever one day rise.
The Hex general index rocketed up 1,625.60 to 17,458.99, extending its rise on the week to 18 per cent. The market's previous biggest single-session gain, of 10.2 per cent, was recorded in mid-October 1998.
The usual telecoms candidates fuelled the powerful advance. Nokia was €6.65 or 11.9 per cent higher at €62.45, adding some €31 billion to its market capitalisation. Sonera jumped €7 or 12.9 per cent to €61.30.
SmallCap software security company F-Secure surged another 19 per cent to €13.17 after its busy schedule of partnership deals, including this week's agreement with Arthur Andersen. The share has risen almost 50 per cent this week, but is still well short of its early March peak of €19.10.
Stockholm also experienced a rush of adrenalin in telecoms-driven afternoon trade. The general index jumped 256.13 or 4.3 per cent to 6,254.48. Paris rose to a fresh record high, adding 73.81 at 6,673.52 on the CAC 40 index as technology sectors raced ahead, courtesy of the strong opening for the Nasdaq.
Alcatel jumped €4 or 6.6 per cent to €65 amid talk of an upbeat statement next week at the Atlanta SuperComm 2000 fair. Cap Gemini gained €6.50 at €226 and Canal Plus €10.20 at €230.1.
In telecoms, Bouygues added €8.50 at €726 and France Telecom put on €1 at €169 for a four-day gain of almost 16 per cent.
Trading volumes, depressed on Thursday by the Ascension Day public holiday, remained thin. Weak features were rare. Renault lost €1.32 at €49.03.
Frankfurt was also buoyed by strong technology stocks, notably business software leader SAP which announced plans for a radical overhaul of development operations. It leapt €37.5 or 6.5 per cent to €622.50.
Siemens put on €4.60 at €168.60 and Epcos €6.50 at €141.50. Deutsche Telekom gained €3.67 at €72.17. BASF, hit lately by negative broker comment on the chemicals sector, rallied €2.65 at €46.85.
It was the first day of extended trading hours in Frankfurt. The Xetra DAX index was 160.03 better at 7,432.79 at the old official close of 5.30 p.m. German local time.
Amsterdam jumped 3.4 per cent or 22.42 to take the AEX index up to within ten points of the March record at 677.92, in robust trading volumes.
