RTTNews - The European markets rose for the first time in three days on Friday, as mining stocks gained after copper prices climbed and technology stocks rallied after Dell reported better-than-expected earnings and Intel raised its revenue outlook.
In economic news, the U.S. Commerce Department said that personal spending rose 0.2% in July compared to an upwardly revised 0.6% increase in the previous month. The modest increase came in line with economist estimates.
Crude for October delivery fell $0.20 to $72.29 a barrel on the New York Mercantile Exchange, by the time the European markets closed.
The FTSEurofirst 300 index of pan-European blue chips closed 1.00% higher at 978.34 points, while the narrower DJ Stoxx 50 index rose 0.72% to 2,412.02 points.
Around Europe, the U.K.'s FTSE 100 index rose 0.81% to 4,908.90, while France's CAC 40 index climbed 1.22% to 3,693.14 and Germany's DAX index surged up 0.86% to 5,517.35.
Technology stocks rallied after Dell, the world's second largest PC maker, reported better-than-expected second quarter profit and Intel, the world's biggest chip maker, raised its revenue outlook for the third quarter. STMicroelectronics, Europe's biggest chipmaker, jumped 12.4% and Infineon, the second biggest, climbed 4.2%.
Logitech, the world's biggest maker of computer mice, rose 2.6%, while Alcatel-Lucent, the world's biggest telecoms equipments maker, added 1.8% and Nokia, the world's biggest maker of mobile phones, surged up 3.1%.
Mining stocks gained after copper prices rose in London. BHP Billiton, the world's biggest miner, added 1.9%, while Anglo American, the second biggest, surged up 3.1% and copper miner Antofagasta climbed 3.5%. Xstrata, the world's fourth largest copper producer, gained 4.4% and Kazakhmys, Kazakhstan's biggest copper producer, rose 5.5%.
L'Oreal, the world's biggest cosmetic maker, rallied 7.4% after the company reported better-than-estimated first-half profit.
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