Mining and tech drive FTSE to 14 year high

The FTSE closed at a 14-year high of 6,851.70 and re-opened again even stronger not far short of the record high of 6,930 set on 30th December 1999.  Mining and technology stocks which suffered last month were back being bought.  The Q1 US earnings season wrapped up with 70% of companies in the S&P500 beating their earnings forecasts although revenues weren’t quite so positive where around 50% got in ahead of expectations. Ahead of the Bank of England quarterly inflation report, there is some speculation that interest rates may rise even earlier but the debate is fogged by a number of issues relating to inflation, employment, GDP and, of course, the general election in 2015. We believe the market will happily tolerate a single rate rise before then. Any more might be a different matter entirely.