Two different reactions to the soaring oil price on the two sides of the Atlantic. With crude reaching $132 a barrel, partly due to falling US oil stocks, Wall Street has taken fright at the implications for inflation.
So the Dow Jones industrial average is presently around 70 points lower. But for once the UK market is not slavishly following America's lead. The FTSE 100 has closed 6.5 points higher at 6198.1, thanks to a surge in the energy companies which will most benefit from higher oil prices.
BG, Royal Dutch Shell, and Cairn Energy are all around 5% better, while Drax has climbed 7% to 724p andPremier Oil - with a little help from a positive Deutsche Bank note - is 6.5% better at £18.50.
Miners - which traders believe may have been sold off yesterday to raise cash for the glut of rights issues around - recovered today. Vedanta Resources ended 75p better at £27.12 after UBS raised its price target from £26 to £31.
In fact the only non-commodity stock in the FTSE 100's top 10 risers was Imperial Tobacco. The cigarette maker recovered 59p to £21.87 after yesterday's rights issue-inspired slump.
Oh dear. That is the only possible reaction to directories group Yell. After yesterday's 26% fall in the wake of its proposal to cut its dividend in half, the shares have fallen another 15% today to 130.75p.
The company has ruled out a cash call to help bolster its balance sheet, but analysts are not convinced.
Panmure Gordon, which has a 140p target, said: "We cannot understand why a rights issue/fund raising has been ruled out. In our view, it is an overhang on the share price near term.
"There is a potential turnaround story here however. It may require management change, asset disposals and a fund raising however."
