London stocks rise on tech rally as dollar gains on Fed rate hike hopes
· Business · The Independent, Indian Express, Bloomberg
London's FTSE 100 closed 0.8% higher at 10,835.47 and the FTSE 250 rose 0.7% to 24,925.04, driven by technology shares after CoreWeave's 24% surge following strong results and raised outlook. Chipmakers including Nvidia, AMD and Intel climbed 4.5% to 8.5% while Micron jumped 12%, and Polar Capital Technology Trust gained 4.0% in London. The dollar strengthened after US inflation data and hawkish comments from Federal Reserve officials including Dallas Fed president Lorie Logan and Chicago Fed president Austan Goolsbee. Wall Street saw broad gains with the Dow up 0.1%, S&P 500 up 1.2% and Nasdaq up 1.9% as technology stocks rallied ahead of Anthropic's expected IPO next week.
Why it matters
Investors in London and global markets gained confidence in technology sector growth despite inflation pressures, while the strengthening dollar impacts Indian exporters and importers reliant on USD transactions.
Read the original report — The Independent
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