April's gains look overdone as Footsie dives

Selling across sectors sent the FTSE 100 into a downward spiral. Technology and telecom stocks were in the frontline of the sell off which suggests April's gains were overdone. Last but not least the US markets opened poorly with the Nasdaq pushing for a 3% loss by midday. The FTSE 100 finished the day down 138.4 points to 5765.8. Gains were restricted solely to old economy stocks and limited at that. ICI led the risers, with a modest gain of 15.5p to 427.5p. The city breathed a sigh of relief after the group released first quarter results that didn't disappoint despite only mat...