FTSE 100 rocketed nearly 10 percent after the launched of 20 billion pounds stimulus plan
FTSE 100, the London Stock Exchange cheered on as US Federal Government pinned their stimulus package spot on to bailout the troubled financial giant.On top of this news, the main catalyst for this gain would be due to British very own 20 billion pounds (GBP) stimulus package to help the British tide over this very difficult period.
FTSE 100 on 24 November 2008 closed with a gain of 372 points or 9.84 percent to 4152.96 points. Europe had rebounded tremendously after these exciting pieces of news being announced. Incidentally, the 9.84 percent had also made FTSE 100's record gain, the higest one day gain in history.
Citigroup Inc, last week had announced a 50,000 over job cut around the world and set tone to investors that the recession are going to be deeper and beyond control.
However, US government bailout had renewed the interest of investors around the world and sent them into buying. The buying and contributions of short covering had sent stocks soaring both in FTSE and Dow Jones Industrial Index, DJI. The Dow Jones had soared 2.59 percent during midday which resume a second day rally after a more than 400 points gain last Friday on 21 November 2008.
Tags: UK , Great Britain , London Stock Exchange , FTSE Soared , Citigroup Inc Bailout , US Government Rescue , Gain
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