Leading UK shares are still sharply higher ahead of the chancellor's pre-budget report, helped by a near 120 point rise on Wall Street in early trading.
The FTSE 100 is now 200.58 points higher at 3981.54, having briefly breached the 4000 level. Of course, the rise is due less to the anticipation of VAT cuts and increased public spending expected from the chancellor, and more to a positive reaction to the US bailout of Citigroup and a revival of mining stocks.
And although the rise in the FTSE looks set to be one of the biggest on record, the overall state of the market remains fragile.
Indeed, this bear market has seen shares slump further and faster than any similar time in history to judge by a chart of the US downturn. The graphic, at dshort.com , compares the last four bear markets, and a scary looking thing it is too. Scroll down to the entry Today's Bear and the Crash of 1929 on November 19 for the gory details.
