FTSE reverses early losses to gain 1.3%

The FTSE 100 has reversed this morning's losses to rise over 1% in afternoon trading - buoyed by a surge on Wall Street.

The FTSE rose to 5,195 points, 80 points higher than earlier this afternoon and a 1.3% increase since yesterday. The index is likely to end a losing streak which has continued for nine days; the first time this has happened since January 2003. Markets in the States re-opened with enthusiasm after a day off for the Thanksgiving holiday. The S&P 500 was up 0.71% to 1,170 points and the Dow Jones up 0.83% to 11,350.8 on Black Friday, traditionally the first day of the Christmas shopping season. However, the FTSE is still likely to end the week in the red. Over five days it is down 1.51%....