Stockholm stock exchange heads north

The Stockholm stock exchange staged a strong recovery as trading opened on Friday morning.

After ten minutes of trading, the OMXS-index had risen 6 percent.

The sudden jump comes in response to the planned rescue package announced for the American bank and financial sector.

Bank stocks led the march upward on Friday morning, with Swedbank stock up 23 percent and SEB shares jumping 16 percent.

Shares in other sectors were up as well, with stock in telecommunications giant Ericsson up 5 percent, and clothing retailer H&M seeing its stock climb 4 percent.

Stock markets across Europe were also up sharply in early morning trading.