Global markets bounce back as FTSE records biggest daily rise since 2011

Better than expected US data boosts sentiment

Global stockmarkets have rallied strongly at the end of the week, reversing some of the losses made on Black Monday, as better than expected US data cheered investors.

The relief rally started in the US as markets opened sharply higher following a significant upward revision of GDP growth figures for the second quarter to 3.7%. This sent the S&P 500 rallying 1.6% to 1,971, while the Dow Jones was up 1.4% to 16,518. After a volatile day's trading, the S&P 500 recovered about half of its 11% drop over six days, up 2.4% to 1,987. The Dow Jones soared 2.27% to 16,655, moving out of correction territory. The second estimate of US economic growth came in significantly higher than the previous figure of 2.3% reported last month, and was ahead of analysts' ...