US shares have
opened higher on the news of former US Treasury Secretary Larry Summers'
withdrawal from the race to be head of the US central bank.
He was among the
front-runners to succeed Ben Bernanke as head of the Federal Reserve, one of
the most powerful jobs in the US.
He was thought to
want to reduce the amount of money being pumped into the economy faster than
other candidates.
The Dow Jones rose
163.4 points, or 1.1%, to 15,539.5.
Earlier, markets
in Europe and Asia had risen. In late-afternoon trade in Europe, the UK's FTSE
100 share index was up 0.5%, Germany's Dax index was 1.1% higher and France's
Cac 40 was up 0.7%.
On the currency
markets the US dollar was down 0.5% against the euro and 0.4% against the
pound.
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