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Banks push Europe stocks to sharply higher close

Thu Jul 17, 2008 10:03pm IST
 
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* FTSEurofirst 300 index ends 2.7 percent higher

* Biggest one-day rise since April 1

* Banks launch into relief rally, techs soar on Nokia

outlook

By Patrizia Kokot

LONDON, July 17 (Reuters) - European stocks staged a sharp rally on Thursday as a solid outlook from bellwether Nokia (NOK1V.HE: Quote, Profile, Research) and surprisingly strong results from JPMorgan (JPM.N: Quote, Profile, Research) spurred a relief rally led by the banking sector.

The FTSEurofirst 300 index closed 2.7 percent higher at 1,145.87 points, after brushing an intra-day high of 1,154.72 earlier in the session. The day's advance was the largest since April 1.

Yet analysts and strategists were uncertain whether Thursday's rally marked a significant turnaround.  Continued...

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