US markets open higher as risk appetite returns

Major US indices are trading 1.5% higher as shares follow UK and European markets upwards.

The S&P 500 has opened 1.5% higher at 1,182, with the Dow Jones Industrial Average rising 1.4% to 11,295. The Nasdaq added 41 points to stand at 2,514, a rise of 1.65%. The FTSE 100 had risen by 2.7% to 5,295 shortly after the US open, with energy stocks the largest rises. Tullow Oil was up 7% to 1,162p and Essar Energy rose 6.5% to 256.7p. Cyclicals' return to favour meant Imperial Tobacco and gold miner Randgold Resources were the biggest fallers, down 2% and 2.45% respectively. The gold spot price, which yesterday hit a record of $1,921 an ounce, had fallen back to $1,841 by thi...