FTSE dives despite historic US rate cut

The decision received a lukewarm reaction at first from the stock markets, with the Dow Jones Industrial Average rising just 56 points half an hour afterwards. However, once the news had been digested, the Dow Jones closed up 360 points, more than 4%, at 8,924.9. Despite an initial surge, Asian stocks did not rally on the back of this news, as may have been expected, and Japan's Nikkei finished afternoon trading down 0.5%. A number of banks did make gains though with Mizuho Financial and Mitsubishi UFJ climbing 1.1% and 1% respectively. The FTSE opened on 4,317.64, possibly in expec...