European Stock Markets Close Higher
LONDON (AP) _ European stock markets closed up Friday with strong gains in the technology sector, buoyed by news that U.S. networking equipment maker Cisco Systems Inc. has undertaken a major reorganization.
Cisco, confronted with a sharp sales decline, announced its biggest management shake-up in more than four years, aimed primarily at streamlining engineering and marketing efforts.
The announcement, which came late Thursday in the United States, boosted European technology shares on Friday. Deutsche Telekom was up 8.8 percent by London close, and Vodafone ended up 3.1 percent.
France’s Alcatel ended up 6.5 percent and Siemens, Germany’s largest electronics company, was up 6.9 percent at London close.
France Telecom was one of the day’s top gainers in Paris, closing up 6.5 percent. Subsidiaries Orange and Wanadoo also closed higher, up 4.2 percent and 0.9 percent respectively.
The Dow Jones Stoxx Total Market Index of shares in European companies rose 4.44 points to 291.85 points. The Dow Jones Euro Stoxx Total Market Index, which tracks companies in countries that joined the single currency, was up 4.98 points at 292.52 points.
The Dow Jones Euro Stoxx 50 Index was up 78.5 points at 3,895.5 and the Dow Jones Stoxx 50 Index was up 66.3 points at 3,739.6.
In domestic markets, The Financial Times-Stock Exchange 100-share index closed up 75.4 points, or 1.4 percent, at 5,471.9; and the CAC 40 Index in Paris closed up 107.06 points, or 2.2 percent, at 4,916.56. In late trading Friday, Frankfurt’s Xetra DAX was up 159.88 points, or 3.04 percent, at 5,413.92.