FTSE 100 flirts with 5,500 level

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The FTSE 100 nose dived through the 5,500 mark today for the first time since November 1998. Sentime...

The FTSE 100 nose dived through the 5,500 mark today for the first time since November 1998. Sentiment was soured after the US Federal Reserve decided to cut interest rates only by a half point yesterday, a move which disappointed Wall Street and sent US stocks spiralling. To worsen matters, US markets are expected to open lower in a continuation of yesterday's selling. Early afternoon, the FTSE 100 sank 132.5 points to 5514.3. Mining stocks enjoyed gains in the FTSE 100, although modest, excited by a press report suggesting that Alcan may launch a counter-bid to the BHP deal. R...

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