FTSE 100 falls 1.91% on US pessimism
FTSE 100 falls 1.91% on US pessimism
Thursday 21st May 2009
The FTSE 100 fell 1.91 per cent by 08:50 BST to 4,385.92, echoing weakness in the US markets.The index dropped 85.21 points, led by Cable & Wireless, which fell by 10.06 per cent.
The telecoms company reported a 36 per cent rise in earnings for the full year, but rumours Cazenove was placing shares on behalf of some of the directors could have prompted the fall.
Most stocks on the index were in the red, following falls on Wall Street last night, which were sparked by a pessimistic outlook from the Federal Reserve.
The central bank cut its 2009 forecast for economic growth and raised expectations for unemployment this year, trampling on the hope for green shoots.
The Dow Jones closed 0.6 per cent off, while the S&P 500 closed 0.5 per cent lower.
Investors on the UK's blue-chip index were edging back toward the defensive stocks of pharmaceuticals, tobacco firms and consumer product groups, with companies in these sectors performing slightly better.
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