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FTSE loses 10 per cent in a week while Wall Street rides the rollercoaster
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Daily Mail Reporter Investors hoping that the FTSE would rebound after yesterday's bloodbath were left disappointed when London's stock markets continued to slide. The FTSE 100 Index ended a turbulent week at a five-year low today after nervous investors reversed earlier gains. A weak opening on Wall Street put paid to hopes of a positive session in London, as the Footsie surrendered an initial 70 point start to close more than 2.4 per cent lower, or 94 points, at 3781. 
A nervous-looking trader works on the floor of the New York Stock Exchange as the Wall Street shares slumped to an 11-year low The decline came despite a positive session for mining stocks and a number of the beleaguered banks. The Footsie started the week at 4233, but heavy losses in four of the five sessions have caused alarm in the City. Analysts are braced for further falls next week as the top flight index looks set to test the 2003 bear market lows of around 3300.
Overnight Asian markets had managed to claw back the previous day's losses with Japan's Nikkei index climbing by almost 3 per cent despite the gloom on Wall Street. A mood of fragile optimism earlier this month on financial markets is now rapidly giving way to deep despair amid a torrent of dire news. The trigger for last night’s sell-off in New York was news that Congress will delay a potential ?17bn rescue plan for ailing Detroit motor giants. But fears over the health of American financial titan Citigroup compounded the sense of panic. And American unemployment benefit claims approached their highest levels since 1982, proving how sharply the world’s biggest economy is sliding into recession. In London news of further job losses at firms including aero engine giant Rolls-Royce helped send shares cascading lower.
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