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European Closing Update: Stocks Finish Higher

Deutsche Telekom falls as price for VoiceStream becomes apparent.
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LONDON -- Not surprisingly, Europe largely treaded water before Federal Reserve chairman Alan Greenspan's Humphrey-Hawkins testimony. What was slightly surprising, however, was how well the markets held up before that event given Wednesday's fall on Wall Street.

In London, the

FTSE 100

closed up just 0.2 points at 6465.6, but the


managed a more than respectable gain of 85.2, or 2.3%, to close at 3,743.7.

U.K. tech stocks showed remarkable resilience given the pounding the


has taken over the last few sessions.

ARM Holdings


moved up strongly to close near the top of the up-trend channel seen on the weekly charts. The stock finished up 57p, or 7.3%, at 837 ($12.47).


gained 22p, or 2.7%, to

10.35 after it announced that

United States Cellular Corporation

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TheStreet Recommends

(USM) - Get United States Cellular Corp Report

has chosen Sema's over-the-air-activation solution for its networks.

Credit Suisse First Boston

was recommending Sema stock this morning.

Oils and pharmaceuticals were under pressure, helping to keep a lid on the Footsie. Crude oil price eased so -- surprise, surprise --


(SC) - Get Santander Consumer USA Holdings, Inc. Report

fell 12p, or 2.2%, to 528 and

BP Amoco


finished 13p lower, or 2.2%, at 586.

A vote by the U.S. Senate to allow imports of cheaper prescription drugs weighed on the pharmaceutical sector.

Glaxo Wellcome


dropped to a session low of

17.85 before recovering its poise to close up 3p, or 0.2%, at

18.20. Similarly,

SmithKline Beecham

(SBH) - Get Sally Beauty Holdings, Inc. Report

bounced back from its intraday nadir of 802p to close just 7.5p lower, or 0.9%, at 821.

Telecoms had a very mixed session.

British Telecom


closed 11p lower, or 1.2%, at 906 and

Vodafone AirTouch

(VOD) - Get Vodafone Group Plc Report

eased 5p, or 1.6%, to 307. In contrast,

Colt Telecom


made an impressive gain of 45p, or 1.9%, to close at


Europe's other major stock markets finished solidly in positive territory, with the

CAC 40

in Paris closing up 68.7, or 1.1%, at 6,563.8. Late in the German trading session, the

Xetra Dax

in Frankfurt rose 94.1, or 1.3%, to 7,460.7 and the Neuer Markt's tech-heavy

Nemax 50

index was 124.8 higher, or 2%, at 6,397.4.

In Frankfurt, it was a clash of the Dax heavyweights, as a surging


(SAP) - Get SAP SE Report

offset a slumping

Deutsche Telekom

(DT) - Get Dynatrace, Inc. Report

. SAP jumped 29.04 euros, or 13.3%, to 248.10 ($229.30), as investors celebrated the software makers second-quarter results and DT slumped 3.50 euros, or 5.8%, to 56.90, as the same investors worried Telekom had launched a very expensive $53-billion bid for U.S. wireless operator




Other big German technology shares posted modest gains, with


(EPC) - Get Edgewell Personal Care Co. Report

up 0.94 euros, or 0.8%, to 119.99 and



0.99 euros higher, or 0.6%, at 176.99.

In Paris,

France Telecom


erased early gains to close down 3.50 euros, or 2.3%, to 147.50 and



ended up 2.10 euros, or 2.8%, at 78.60.

Mixed French concern


closed up 1.50 euros, or 1.7%, at 90.90 amid the lackluster floatation of its utilities unit

Vivendi Environnement

, which closed below its 34 euro launch price at 33.88.