European stocks finished at three week highs up over one percent.
Philips unexpectedly good results fuelled hopes over results due out this week from a number of bellwether companies. Analysts said Philips’ figures bode well for the earnings season, because the company’s businesses range from healthcare to technology, touching a lot of sectors. Philips surged over seven percent and pulled up tech companies and conglomerates including Siemens, Nokia and Alcatel-Lucent. Banks and insurance stocks also rose. Oil jumped around two percent to touch its best price in six weeks. That was due to optimism about the pace of global economic recovery and as extremely cold weather across the United States boosted demand for fuel.