RTTNews - The European markets rose on Tuesday, as technology stocks rallied after chipmaker Texas Instruments raised its second quarter outlook.
The U.S. Treasury Department said today that 10 of the country's largest banks had been cleared to pay back a combined $68 billion of taxpayer money pumped into them last year as part of an effort to stabilize the financial system.
Crude for July delivery rose $1.38 to $69.47 a barrel on the New York Mercantile exchange, by the time the European markets closed, as the dollar fell further against the pound and the euro.
The FTSEurofirst 300 index of pan-European blue chips closed 0.51% higher at 869.56 points, while the narrower DJ Stoxx 50 index rose 0.45% to 2,145.11 points.
Around Europe, France's CAC 40 index rose 0.21% to 3,296.73, while the U.K.'s FTSE 100 index declined 0.01% to 4,404.79 and Germany's DAX index fell 0.14% to 4,997.86.
Nokia, the world's biggest maker of mobile phones, surged up 3.7%, while STMicroelectronics, Europe's biggest chipmaker, climbed 4.7% and Infineon, the region's second biggest chipmaker, rose 2.9% after Texas Instruments, the world's second largest maker of mobile phone chips, raised its revenue and earnings forecast for the second quarter.
TomTom, Europe's largest maker of car-navigation equipment, jumped 18% after the company announced a navigation application and car kit for Apple's iPhone.
Barclays, Britain's third largest bank, rose 2.2% after a person with knowledge of the talks said BlackRock Inc. may buy the Barclays Global Investors unit for $12 billion to $13 billion in cash and stock.
On the other hand, German retailer Arcandor plunged 48%, extending yesterday's 44% drop, after the company filed for insolvency.
Air France-KLM, Europe's largest airline, slipped 5.2% after the airline said passenger traffic declined for a fifth consecutive month in May.
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