Economics / Markets

The FTSE 100 edged back into the black this morning after a week of tumultuous trading which saw the index drop sharply.

The FTSE 100 edged back into the black this morning after a week of tumultuous trading which saw the index drop sharply.

The Dow Jones closed lower for the fifth session in a row last night at 6726.02 down 37.27 points (0.55%), its lowest point in 12 years.

The benchmark FTSE 100 took its decline this year beyond 19% as what has become a three-day sell-off continues.

US markets slid in early trading on Monday after AIG announced the largest ever corporate loss of over $60bn.

Banks have taken an early hammering this morning as the FTSE 100 slides 1.64% by 9:47am.

Shares rose in London this morning, continuing yesterday's late rebound, with Royal Bank of Scotland (RBS), Barclays and Lloyds Banking Group leading the way.

The Prime Minister, on the recommendation of the Chancellor, has appointed Andrew Hudson as managing director, Public Services and Growth Directorate, HM Treasury.

Despite turbulent mid-day trading, the FTSE100 built on early gains to rise 34.73 points (0.91%) to 3,851.17 shortly before 3pm.

Shares rose in London this morning after a late rally in New York helped push the Dow Jones up more than 200 points on Tuesday.