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Europe rallies on techs
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March 15, 2001: 12:27 p.m. ET
Technology stocks lead major European bourses higher
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LONDON (CNN) - Europe's top bourses climbed Thursday after Nokia, the world's biggest mobile phone maker, helped markets recover from a recent rout.
The Finnish company's announcement that its earnings would be in line with expectations cheered investors after negative news in the sector.
Nokia soared 13.2 percent while Swedish rival Ericsson rose 0.81.
London's FTSE 100 closed 1.84 percent, or 103.3 points, higher to 5,729.2, with data network operator Energis (EGS) up 10.8 percent and biotech firm Celltech Group (CCH) rising to just off 8 percent.
In Paris, the CAC 40 blue-chip index was up by 1.2 percent, or 62.16 points, to 5,177.66.
Frankfurt's Dax was up 0.95 percent, or 55.2 points, to 5,849, with Deutsche Telekom (FDTE) leading the gainers at 4.9 percent and chipmaker Infineon Technologies (FIFX) up by 3.5 percent.
In Amsterdam, the AEX index rose 0.18 percent and the SMI in Zurich was 0.75 percent higher, while the MIB 30 in Milan climbed 0.8 percent.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was up 1.5 percent.
In the U.S., stocks moved off their best levels of the day at midday Thursday as investors, still bruised by the week's big selloffs, returned cautiously to the markets.
The Dow industrials rose 50.82 points around midday to 10,024.28 after being as high as 10,097.73. The Nasdaq gained 34.29, or more than 1 percent, to 2,006.38. The S&P 500 gained 8.51 to 1,175.22.
In the currency market, the euro was fetching 90.38 cents against the U.S. dollar.
Among tech stocks, chipmaker STMicroelectronics (PSTM) rose 3.1 percent while France Telecom (PFTE) climbed 4.6 percent.
Telecom equipment maker Alcatel (PCGE) rose 1.18 percent in Paris.
Deutsche Telecom (FDTE) rose 4.9 percent. VoiceStream (VSTR: Research, Estimates) Chief Executive Officer John Stanton said in a newspaper interview on Thursday he expected the firm's takeover by Deutsche Telekom to go ahead in its current form, despite the German group's flagging share price.
The "old economy" also added to gains. German chemicals and pharmaceuticals company Bayer (FBAY) rose just off 2 percent. The company said it would sell its 30 percent stake in Belgian film equipment maker Agfa-Gevaert. It also sees double-digit growth in sales and operating profit in 2001.
French utilities group Suez Lyonnaise des Eaux (PLY) topped gainers, rising 5.15 percent. The company posted a weaker-than-expected 2000 net profit of  1.9 billion and said it expects double-digit growth in sales and net earnings per share for its energy, water and waste management businesses over the 2001-2004 period. 
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