FTSE 100 drops as Dow Jones plummets 1000 points in first hour of trading

FTSE 100 drops as Dow Jones plummets 1000 points in first hour of trading

The FTSE 100 fell in the red after the Chancellors 2020 Budget in the House of Commons on Wednesday. The index was trading around 0.2 percent lower but fell by as much as 0.5 percent while Mr Sunak was speaking.

The Dow Jones has also crashed around 1000 points after only opening for around an hour.

It comes as markets have plunged this week – triggering fears of a global recession, as coronavirus impacts the globe.

At the start of trading today, the FTSE 100 stood at 5,960.23 points.

Possibly in anticipation of Rishi Sunak’s budget, it rallied past 6,000, to 6,068.79 points in the first 15 minutes of trading.

However, reality began to bite shortly afterwards, with the index falling steadily throughout the day.

As of 3pm, it stood at 5,910.49, down more than 150 points on its highs earlier in the day, and almost 60 points below its starting point.

This is a breaking story…more to follow

Published at Wed, 11 Mar 2020 14:37:00 +0000