FTSE slides as S&P500 enters 'bear market'

Considered by many as the bellwether for the US economy, the broad S&P500 closed at its lowest level since July 2006, down 29.02 points (2.28%) to 1244.68. It comes a week after the mega-cap Dow Jones Industrial Average slipped below the bear benchmark. The Dow also hit a near two-year low yesterday, falling 236.77 (2.08%) to 11147.44. The tech-heavy Nasdaq didn’t escape the damage, dropping 59.55 (2.6%) to 2234.89. Financials bore the brunt of the carnage after enjoying a stellar session on Tuesday, with mortgage giants Freddie Mac and Fannie Mae plunging 23.77% and 13.11% respectively....