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FTSE 100 ends day in bear market FTSE 100 ends day in bear market
(about 5 hours later)
London's index of key shares, the FTSE 100, has closed in "bear market" territory after another tough day for shares in Europe and the US.London's index of key shares, the FTSE 100, has closed in "bear market" territory after another tough day for shares in Europe and the US.
The FTSE 100 lost 145 points, or 2.7%, to end at 5,261.6 points. A bear market is often defined as a 20% fall from a stock index's recent peak.The FTSE 100 lost 145 points, or 2.7%, to end at 5,261.6 points. A bear market is often defined as a 20% fall from a stock index's recent peak.
Friday's closing price is more than 20% below its June 2007 peak of 6,732.Friday's closing price is more than 20% below its June 2007 peak of 6,732.
Markets have struggled amid concerns about the world economy and the impact of slower growth on company earnings.Markets have struggled amid concerns about the world economy and the impact of slower growth on company earnings.
"The movement this afternoon was a clear indication that we haven't reached the bottom and the bears are still fully in control," said Angus Campbell, head of sales at Capital Spreads in London."The movement this afternoon was a clear indication that we haven't reached the bottom and the bears are still fully in control," said Angus Campbell, head of sales at Capital Spreads in London.
Banks hitBanks hit
High oil prices, which hit a fresh record above $147 a barrel earlier on Friday, have also undermined investor confidence.High oil prices, which hit a fresh record above $147 a barrel earlier on Friday, have also undermined investor confidence.
In Paris, the Cac 40 share index ended the day down 3.1% at 4,100.64 points, while in Frankfurt the Dax finished 2.4% lower at 6,153.30.In Paris, the Cac 40 share index ended the day down 3.1% at 4,100.64 points, while in Frankfurt the Dax finished 2.4% lower at 6,153.30.
On Wall Street, the blue-chip Dow Jones index was down 1.8% at 11,030.52 points in lunchtime trading on heightened fears over the financial health of the nation's two largest mortgage firms. On Wall Street, the blue-chip Dow Jones index ended down 1.14% at 11,100.54 points on heightened fears over the financial health of the nation's two largest mortgage firms.
Shares in Fannie Mae and Freddie Mac were both down around 50%. Shares in Fannie Mae and Freddie Mac ended down 22% and 3% respectively in volatile trading, with both counters plunging as much as 50% shortly after the open.
In London, banks were among the biggest losers, with Royal Bank of Scotland down 8.5%, Standard Chartered sliding 7.8%, and HBOS shedding 1.8%.In London, banks were among the biggest losers, with Royal Bank of Scotland down 8.5%, Standard Chartered sliding 7.8%, and HBOS shedding 1.8%.