LONDON -- Wall Street failed to make its mark on London stocks, which was unusual when you consider that the U.K. market has lately been struggling to find a direction. As the

Dow Jones Industrial Average

struggled to keep its head above water, the

FTSE 100

ended 120.9 points higher, or 1.9%, at 6,532.1, while the

Techmark

index of leading tech stocks was up 185.3, or 3.4%, at 5,599.1.

British Telecom

(BTY)

was one of the day's star performers, rising 144p, or 12.3%, to 13.15 pounds. The shares did well in ADR form on Wall Street overnight and then got a further fillip from mobile Internet portal ventures and a

Deutsche Bank

recommendation that included a 24.00 pound price target.

Reuters

(RTRSY)

was the other ADR favored trade, with investors bidding up the price 127p, or 8.8%, to 15.71 pounds.

The march to better things continues in the tech sector.

Baltimore Technologies

rose 10.50 pounds, or 9.4%, to 132.50 pounds after buying its Japanese partner, while

ARM Holdings

(ARMHY)

registered a gain of 582p, or 11.9%, to 48.20 pounds.

Psion

, still celebrating its promotion to the FTSE 100 index, gained 274p, or 4.4%, to 64.42 pounds, and

Easynet

jumped 345p, or 4.4%, to 27.25 pounds after details of a proposed ¿52-million share placing to fund an Internet expansion.

Admiral

blotted the tech copy book with a loss of 310p, or 16.7%, to 16.70 pounds after it disappointed the market with its earnings results.

There appears to be a revival of interest in prospective merger partners

Glaxo Wellcome

TST Recommends

(GLX)

, up 59p, or 3.9%, to 15.64 pounds, and

SmithKline Beecham

(SBH) - Get Report

, 31p, or 4.7%, higher at 709.

The major continental stock markets closed mixed. The

Xetra Dax

in Frankfurt closed down 37.85, or 0.5%, at 7949.15 and the

CAC 40

in Paris finished up 78.46, or 1.2%, at 6423.43.

The merger between

Deutsche Bank

(DTBKY)

and

Dresdner Bank

(DRSDY)

kept financial issues under the spotlight. After confirming they would join forces in a $30-billion merger, both slid as concerns over their ability to cut costs surfaced. Deutsche Bank closed 11.94 euros lower, or 13%, at 80.81 ($76.90) and Dresdner dropped 5.96 euros, or 10.7%, to 50.

Commerzbank

(CRZBY)

surged 2.01 euros, or 4.8%, to 44.01 amid reports that

HSBC

was now preparing a hostile bid for Germany's fourth largest bank.

Frankfurt technology stocks climbed, recouping some of their losses from the past few sessions.

Siemens

(SMAWY)

closed up 6.12, or 3.5%, to 182.50 and software maker

SAP

(SAP) - Get Report

rose 19 euros, or 1.9%, to 1023.