FTSE lower as Dow enters 'bear market'

A 166.75 point (1.46%) loss overnight sent the Dow to 11215.51, down nearly 21% its 14164.53 peak in October 2007. The historical bear market definition is a 20% fall from the peak. Oil prices continue to weigh heavily on investors, with US light sweet crude climbing $1 to $144.57. London Brent crude rose by $1.50 to $145.75 a barrel. The hardest hit in the US was again auto giant General Motors, which fell 15.06% to 9.98 on a Merrill Lynch downgrade. In London, the FTSE100 has opened lower on the gloomy oil and US news, currently sitting 33.90 points (0.62%) lower to 5392.40. ITV con...