Global markets cheer Federal Reserve interest rate hike

Analysts say Christmas has come early for stock markets after Fed chair Janet Yellen's vow to raise interest rates only gradually

Global stock markets cheered the US Federal Reserve's decision to increase interest rates for the first time in nearly a decade.

In London, the FTSE 100 index jumped nearly 100 points in the first minute of trading, rising 1.6% to 6,158, with all stocks making gains. It is still down 6% this year, however, and down 3% this month.

Related: Fed interest rate hike: shares surge as markets celebrate - business live