S&P 500

The S&P 500 has risen more than 40% since the lows witnessed earlier this year.

On a local currency basis, the FTSE World Europe ex UK Total Return Index has outperformed the S&P 500 Total Return Index since the March 2009 lows, reflecting the fact that European markets tend to be more sensitive to global growth.

Sentiment and certain macroeconomic data have recently improved and the risk of a prolonged global recession has eased.

The Dow Jones has fallen for the first time in three days as Consumer Price Index figures show the Fed's $1trn injection into the banking system has not led to faster inflation.

Equity markets have clearly benefited from a dramatic shift in investor sentiment since early March - when the prevailing fear was that what had been a painful recession could escalate into an even more painful and longer-lasting depression.

The S&P 500 hit a low of 677 on 9 March 2009 but has since recovered strongly.

The strong Wall Street rally between March and May reflected relief among investors that the official policy response to the crisis had prevented a repeat of the Great Depression.

It would be an understatement to say that global equity markets have been volatile in 2009.

The FTSE 100 managed to reverse some its earlier losses with HBOS and Lloyds TSB briefly pulling the ...

Miners and energy groups were the biggest losers in today's trading as falling oil and metal prices r...