FTSE 100 ends within a whisker of 7000 after new records for Wall Street

• FTSE 100 adds 44 points
• Dow crosses 34,000
• Glaxo lifted by reported stakebuilding

5.10pm: Both sides of the Atlantic comfortably in the green

The FTSE 100 closed up 44 points, 0.6%, at 6,984, while the FTSE 250 added 117 points, 0.5%, to end at 22,472.

Roaring success across the pond gave UK traders a second wind before the close. 

“Certainly today’s earnings will provide a boost to banks in the UK, with the actions from Rishi Sunak likely to help FTSE financials similarly draw funds from the huge provisions set aside for bad loans that have failed to materialise,” Senior Market Analyst Joshua Mahony wrote. 

Traders may be shifting toward growth and away from value, Mahony noted. 

In the US, the Dow surged 301 points, 0.9%, to hit 34,032 at midday. The Nasdaq gained 133 points, 1%, to 13,999, and the S&P 500 improved 38 points, 0.9%, to 4,163.

“US markets have hit record highs once again, with a positive outlook from the banks coupled with strong economic data,” Mahony wrote. “Treasury yields have slumped despite this economic outperformance, helping to lift precious metals and tech stocks.”

3.57pm: Record breaking markets day

So near. Leading shares are edging ever closer to the elusive 7000 level – last seen more than a year ago – with the FTSE 100 up 55.10 points or 0.79% at 6994.68.

The mid-cap FTSE 250 is already on course for another all time high, up 109.85 points or 0.49% at 22,465.3.

The new records on Wall Street for the Dow Jones Industrial Average and S&P 500 are certainly helping investor sentiment, with the latest US retail sales and jobless claims figures coming in better than expected and pointing to a recovery in the world’s biggest economy.

() is still top of the pile in the blue chip index following reports an activist investor has taken a stake to shake things up, with its shares now up 5.27% or 68p at 1357.6p.

Miners continue to provide support, with () ahead 3.36% or 60.5p at 1863p. And DIY group (), up 3.33% or 11.3p at 351.2p, is benefiting from a positive update from rival Wickes, soon to be spun off from parent company .

3.11pm: Sainsbury’s heads higher

If today’s speculation is in GlaxoSmithKline after reports that activist investor Elliott Management had built up a stake, you may remember yesterday’s was in ().

The catalyst was news that Czech billionaire Daniel Kretinsky has raised his stake in the supermarket from just over 3% to 9.99% through his Vesa investment group. He bought the extra shares from the supermarket’s long term investor the Qatar Investment Authority,

Given he once made an unsuccessful bid for German retailer Metro, that naturally set tongues wagging.

But Vesa has subsequently indicated it supports the current Sainsbury’s managment team: “This [purchase] reaffirms Vesa’s long-term interest in acquiring strategic minority participations in publicly listed companies across the wider food retail distribution segment, where we continue to perceive Sainsbury’s as an attractive investment opportunity.”

In a buy note, analysts at UBS said: “QIA remains a significant shareholder. While we don’t know their plans for the remainder of their 15% stake, that some of their stake was absorbed by an investor who sees Sainsbury as an attractive long term investment opportunity is a modest positive in our view as it removes the risk of an overhang.”

Sainsbury’s shares are currently up 1.66% or 4p at 244.8p.

As for the FTSE 100, it is edging ever closer to the 7000 level, up 48.61 points or 0.7% at 6988.19 after a strong start on Wall Street, with the Dow Jones Industrial Average and the S&P 500 both hitting new highs.

2.40pm: Wall Street opens in the green

The main indices on Wall Street got off to a positive start on Wednesday as optimism around earnings season held sway.

Shortly after the opening bell, the…