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FSTE 100 avoids further drop
01 October 2008
With further losses predicted yesterday the FTSE 100 closed 1.7% up. A renewed bid to bail out the ailing US economy helped the situation. The recovery was due to President Bush saying that he would convince congress to pass his £390billion rescue package. Chancellor Alistair Darling also said that he would do 'whatever is required' to see Britain through the current financial crisis.
Banks still remained under pressure yesterday despite the FTSE finishing up 83.7 points at 4902.4.
HBOS shares fell 14%, Barclays shares were down 2% and The Royal Bank of Scotland shares were down 1%.
