FTSE wilts after Dow hits six-year low

It closed almost 1.2% down at 7,465.95 - its lowest since 9 October 2002 when it plunged to 7,215 - on fears US government efforts to rescue the financial system will prove inadequate. Shares in Bank of America, Citigroup and American Express led the sell-off, with falls of 14%, 13.75% and 8.72% respectively. Hewlett Packard also suffered - sliding almost 8% to 31.39 - after posting a 13% fiscal first-quarter earnings drop in some of its key business outlets. In the UK the FTSE 100 responded to the sentiment and, shortly before 9.30am, was itself approaching a 52-week low. It is curre...