The FTSE 100 index ended the trading day 1.6% higher at 6,203.17 points, its highest closing so far this year. 

Following Tuesday's falls in mining stocks, on Wednesday  they bounced back to end the day among the biggest gainers - with Anglo American up 11.8%, Rio Tinto up 5.9%,, BHP Billiton up 5.8% and Glencore up 5.4%.

The mining companies benefited from Federal Reserve Chairman Janet Yellen's comments yesterday that the US central bank should proceed 'cautiously' as it looks to raise interest rates. 

Earlier Wall Street opened higher buoyed by Ms Yelland's speech. 

The Prime Minister David Cameron will chair a meeting of "key ministers" in Downing Street tomorrow morning to discuss Tata's proposed sale of the Port Talbot plant. 

In a statement the government said: "Following the news from Tata Steel, the government is completely focused on working with the company, trade unions and other interested parties to ensure a sustainable future for the plant at Port Talbot, and British steel making more widely."

Mr Cameron is also to speak by phone to Welsh First Minister Carwyn Jones later this afternoon.

First Minister Carwyn Jones says the Welsh Government will support "any viable option" to secure the future of steel working in Wales.

Business Secretary Sajid Javid is returning early from what was planned to be a three-day visit to Australia to lead the government's response.

He said the UK steel industry was vital to the country, but added that he did not think that nationalisation was the answer.

But he repeated that the government was determined to try to keep Port Talbot in business: "There are buyers out there. It might require some sort of government support and we are ready to look at all options," he said.

Pressed as to what there could be by way of government support, Mr Javid said it was "too early to tell what options exactly are on the table, we need to speak to potential buyers".

The British Chambers of Commerce (BCC) has added its voice in support of a rescue plan for the UK steel industry. Dr Adam Marshall, BCC acting director-general, said:

Prof Jonathan Deacon of the University of South Wales says steel and Port Talbot's sister plant Llanwern is still important to Newport's economy.

Baketime Ltd is recalling , externalvarious branded biscuit, snack and confectionery products on a precautionary basis as they have been manufactured in unhygienic conditions, says the Food Standards Agency (FSA). 

The products are stocked by Aldi, Asvina, Booker and LBV. 

The FSA says the products "are being recalled as they may have been subject to pest contamination".

"If you have bought any of the above product(s), do not eat it.  Instead, return it to the store from where you bought it for a full refund," it adds. 

Image source, Getty Images

Brazilian soccer legend Pele is suing Samsung Electronics for about $30m, alleging the South Korean company improperly used a lookalike in an advertisement that ran in the New York Times.

He is claiming damages after Samsung advertised high definition TVs using the image of someone who looks like him.

It's alleged that Samsung ran the advertisement after breaking off negotiations in 2013 to use Pele's image to promote its goods.  

Image source, Getty Images

On Wall Street the Dow Jones is up 132 points at 17,765.22.

The Nasdaq has gained 41 points to hit 4,887.49 and the S&P 500 has put on up 13 points at 2,068.38.  

The gains follow Federal Reserve chair Janet Yellen's speech on Tuesday in which she said the central bank needed to proceed "cautiously" with rate rises.

The government says it has no plans to recall Parliament to discuss the crisis facing the UK steel industry as Labour accuses ministers of being "in disarray".

Labour leader Jeremy Corbyn will visit Port Talbot this afternoon, union representatives say.

Image source, PA