Storm-tossed traders looking forward to a break had to endure the stock market equivalent of the "Channel chops" before they could leave for the weekend.

Dealers had already seen a week that contained two rises of more than 80 points followed by a 143-point surprise blow-off on Thursday, when the British Chancellor of the Exchequer announced a half-point cut in interest rates.

Yesterday, although Footsie appeared to be set fair with an early rise of almost 100 points in the first hour of trading, it backed slowly to record a loss of eight points ahead of the US market opening.

As the afternoon progressed, the swings became tighter and more volatile until, shortly before the UK close, it became impossible to predict whether the market would end up or down.

In the event, Footsie recorded a net rise of 11.2 at 5,491.0, a gain of 53 points on the week. The positive feel was reflected right down the scale with the FTSE 250 index adding 13.3 at 4,942.1 and the SmallCap rising 5.7 at 2,066.7.

That late splashing around highlighted the debate between the corporate fundamentalists and the global bulls. Strategists taking the first view cited this week's grim figures from Shell Transport, Cookson and Marks and Spencer, which covered every aspect of the economy from the manufacturer to the consumer.

They said the figures were a taste of more to come and, if Thursday's rate cut was the last before Christmas, earnings would be the principal factor in investors' decision-making.

On the other hand, the macroeconomic bulls focused on dramatic rises in Asian markets during October. One senior sales trader said: "Indonesia rose by 64 per cent, Thailand 60 per cent and the Philippines 48 per cent.

"Those were the markets that got us into this mess. If they can stage this kind of recovery where does it lead us. Asian crisis, what crisis?"

Furthermore, Wall Street was biased towards an equity-based rally late yesterday with stocks building on previous gains.