LONDON -- European investors were quick to take advantage of the brighter outlook from across the Atlantic and the markets managed to recoup the early losses.

The

FTSE 100

ended up 145.3 points, or 2.4%, to 6,245.9, while the

Techmark

-- down 77.6 points, or 2.2%, to 3,396 -- showed that perhaps it will take a little longer before those with burnt fingers from recent sessions start to play with matches again.

By the close, it was a very different leader board to the one that greeted investors first thing this morning. Telecom stocks initially showed some shocking losses but some managed to recover toward the close.

British Telecom

(BTY)

climbed 44p, or 4.8%, to 966 ($14.49) after announcing plans for a substantial expansion of its pan-European communications network, and

Vodafone AirTouch

(VOD) - Get Report

finally found the accelerator after a wretched couple of weeks and moved up 15.5p, or 6.1%, to 270.5.

Cable & Wireless

(CWP)

reversed an early loss to show a gain of 33p, 3.7%, 934. However,

Colt Telecom

(COLTY)

received a thumbs down from investors, despite what looked to be encouraging first-quarter figures, and lost 245p, or 9.8%, to

22.67.

Media stocks were another mixed bag.

Reuters

(RTRSY)

attracted fresh support and rose 88p, or 8.6%, to

11.11, but

Pearson

reversed an opening 49p gain to end with a loss of 75p, or 3.7%, to

19.81.

BSkyB

(BSY)

lost 36p, or 2.7%, to

12.98, suffering as a result of worries about future costs and TV rights for

Premier League

soccer.

In tech stocks

Bookham Technology

(BKHM)

led the good guys higher with a gain of 500p, or 15.9%, to

36.50, followed closely by

Baltimore Technologies

(BALT)

up 139p, or 2.2%, at

63.39, having been down 400p at one stage.

Affinity Internet

headed the losers, shedding 150p, or 9.0%, to

15.25, and

Royalblue Group

fell 105p, or 8.1%, to

11.87.

Outside the TMT triad,

Kingfisher

(KNGFY)

rose 30p, or 5.4%, to 584 after announcing positive first-quarter profits and a jump in sales figures, and

ICI

(ICI)

moved up 30p, or 5.7%, to 558 on continued speculation about a possible U.S. suitor.

British Airways

(BAB) - Get Report

finished 22p higher, or 6.2%, at 381 after announcing that it is to form Europe's first online travel agency with 10 other major airlines.

Lastminute.com

reacted badly to the news and slipped 7.5p, or 3.7%, to 197.5.

Unilever

(UL) - Get Report

rose 21p, or 5.1%, to 424.5, supported by positive comment in the wake of recent first-quarter results.

Europe's other stock markets also managed to recoup the earlier losses as technology and telecoms stocks took heart from Wall Street's performance. The

Xetra Dax

in Frankfurt closed up 138.6, or 2.0%, at 7259.5 and the

CAC 40

in Paris ended up 116.8, or 1.9%, at 6380.1.

Early losers that managed to finish higher included

Siemens

(SMAWY)

up 2.00 euros, or 1.3%, at 154.50 ($139.05), and

Nokia

(NOK) - Get Report

up 2.20 euros, or 4.0%, at 57.75.