Bullish figures from technology giants Microsoft and Nokia were the spur behind a surge of nearly 8 per cent in the US Nasdaq index last night. The index scored its third-largest rise in percentage terms, running ahead by 246.5 points (7.77 per cent) to 3,418.06.
Relief was the key factor as the figures from Microsoft and Nokia after the market closed on Wednesday allowed investors to forget their fears about corporate earnings, which had been fuelled by a host of profit warnings and poor quarterly figures. Microsoft jumped almost 20 per cent and Nokia 27 per cent in the session.
The Dow Jones Industrial Average regained some lost ground, settling back above the 10,000 mark with a climb of 167.96 points (1.68 per cent) to 10,142.98.
Among the big winners were Irish companies Smartforce, which rose 19.8 per cent to $50.31 (€59.94), Iona (up 18.2 per cent to $73.88) and Baltimore (up 11.3 per cent to $14.18 3/4). Intel gained 10 per cent to $41.93 3/4 and even IBM, whose dismal results put the Nasdaq in a spin a day earlier, recovered marginally.
