S&P 500

London's leading index was 60 points higher in afternoon trading despite a slump in UK manufacturing data, as Next and Standard Chartered lifted the market.

Facebook shares have fallen 15% after the company reported a drastic slowdown in revenue growth and failed to reassure investors on its ability to boost advertising growth.

The US economy has beaten forecasts from analysts after it expanded by 1.5% in Q2.

European stocks are climbing after a four day sell-off, following a pledge from European Central Bank president Mario Draghi that the ECB will "do whatever it takes to preserve the euro".

Apple shares led the fallers on the Nasdaq shortly after open following a disappointing second quarter trading update from the tech giant.

Markets dipped into the red this afternoon after a weaker start in the US, as a round of poor corporate updates weighed on investor sentiment, compounding eurozone fears.

Equity markets around the world have struggled to make headway this year, with many major indices giving up gains made early on to leave them standing flat or down for 2012.

SocGen permabear Albert Edwards has said the S&P 500 is in danger of breaching a crucial support level, a move that may coincide with US 10-year treasury yields moving below 1%.

Some 80% of US stocks' excess returns since 1994 have been earned in the 24 hours prior to FOMC statements, according to the New York Federal Reserve.

Stronger than expected employment data could not prevent Wall Street selling off at the open this afternoon.