A wave of buying has swept over global markets, particularly in the heavily-sold chip names, says Chris Beauchamp, Chief Market Analyst at online trading and investing platform IG. FTSE 100 reaches fresh record highDriven by banks and miners today, the FTSE 100 has managed to rally to a fresh record high, though its better performance versus tech over recent weeks means that the gains in London pale in comparison with the frenetic buying in New York. The Fed’s decision to swerve a rate hike last night and Warsh’s decidedly lukewarm commitment on hawkish policy has walloped the dollar and given commodities space to rally hard. Microsoft is racing away in its best day since the financial crisis, while Sandisk shares are on fire after the drubbing suffered earlier in the week. Big rallies are a feature of pullbacks, since hope springs eternal – investors just have to hope tonight’s results provide a further excuse to jump back in.