Tue. Jan 26th, 2021

UK stock market in biggest one-day rally since 2016 amid ‘Boris bounce’ – business live

Rolling coverage of the latest economic and financial news

3.48pm GMT

Upbeat economic data from America is also pushing shares higher.

US business activity grew at its fastest pace in five months, IHS Markit reported.

Flash US Composite PMI at 52.2 in December (Nov – 52.0) as business activity, order books and jobs growth all accelerated to the strongest in 5 months. However, 4th quarter PMI results signal annualised GDP growth of just 1.5%. More here: https://t.co/8NSMJBvMuw pic.twitter.com/ZjQO8gOmKK

The National Association of Home Builders’ Housing Market Index rose by 5 points to 76 — the highest reading since June 1999 — exceeding economists’ forecasts for a reading of 70, according to a Reuters survey.

US homebuilder confidence climbs to 20-year high https://t.co/JguiUdqyjL

3.31pm GMT

The Dow Jones industrial average is also joining the party, hitting a record high a moment ago.

The Dow is up 195 points, or 0.7%, at 28,330. Tech stocks are among the risers, after Donald Trump cancelled plans for new tariffs on Chinese-manufacturer products on Sunday. Telecoms equipment maker Cisco is up 2.8%, and Apple up 1.65%.

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