Europe's major stock markets closed higher, with the CAC 40 in Paris ending up 73.8, or 1.1%, at 6,673.5. On the first day of extended trading hours in Frankfurt, late in the afternoon the Xetra Dax was up 157.5, or 2.2%, at 7,430.3 and the Neuer Markt's tech-heavy Nemax 50 index was up a whopping 450.4, or 7.3%, to 6,600.0. The German markets will now close every day at 2 p.m. New York time.

Software maker

SAP

(SAP) - Get Report

led the tech gains in Frankfurt, climbing 35.01 euros, or 6.0%, to 620.01 ($577.48), after announcing it would restructure some of its operations.

Siemens

(SMWAY)

was up 5.24 euros, or 3.2%, at 169.24 and

Epcos

(EPC) - Get Report

was 6.81 euros higher, or 5%, at 141.81.

Financial issues

Deutsche Bank

(DTBKY)

and

Dresdner Bank

(DRSDY)

were up 2.00 euros, or 2.4%, at 86.50 and 1.20 euros, or 2.7%, at 45.40, respectively, extending early gains.

Car makers, on the other hand, stayed in negative territory late in the session.

DaimlerChrysler

(DCX)

fell 0.60 euros, or 1%, to 57.67 and

Volkswagen

(VLKAY)

was down 0.70 euros, or 1.6%, at 43.14.

Deutsche Telekom

(DT) - Get Report

surged 3.85 euros, or 5.6%, to 72.35, after the

Financial Times Deutschland

reported the company would bid for third-generation wireless UMTS licenses in France, Austria, Sweden, Norway and the Netherlands.

Other European telecoms closed higher, with

Telefonica

(TEF) - Get Report

ending up 1.03 euros, or 4.6%, to 23.23 and

France Telecom

(FTE)

reversing early loses to finish 1.00 euros higher, or 0.6%, at 169.00.