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Europe boosted by Wall St. rally
LONDON, England (CNN) -- European markets rose Wednesday morning after Wall Street's rally in the previous session. London's FTSE 100 was up 1 percent to 4,031.8, Frankfurt's Xetra Dax gained 1 percent to 2,900.24 and the CAC 40 blue chip index in Paris advanced 1.5 percent to 2,936.3. The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was up 1.3 percent, with the insurance and information technology sectors each soaring more than 2 percent. U.S. stock markets rallied Tuesday, with the Nasdaq and S&P 500 reaching their highest points this year as investors were encouraged by reports on the housing sector and consumer confidence. "Consumer confidence figures yesterday were a welcome boost. Things are definitely looking brighter out there," Stephen Ford of London brokers Brewin Dolphin, told Reuters. "We haven't had a serious profit warning for a long time, companies are starting to beat expectations ... it's very, very positive." The Nasdaq composite rose 3.1 percent, the Dow Jones industrial average climbed 2.1 percent, while the S&P 500 index rose 2 percent Tuesday. Wall Street was expected to open little changed later on Wednesday. In Europe on Wednesday morning, the world's biggest mobile phone maker Nokia (NOK) added 3.8 percent, rival Ericsson added 2 percent, Siemens (FSIE) climbed 1.8 percent, France Telecom (PFTE) added 4 percent and Reuters (RTR), the world's biggest financial news and data provider, advanced 3.4 percent. Insurance stocks also perked up. Allianz (FALZ) of Germany rose 2.9 percent and France's AXA (PCS) climbed 3.8 percent. The AEX index in Amsterdam rose 1.9 percent and Milan's MIB30 index gained 1 percent, while the SMI in Zurich climbed 1.2 percent.
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