America's looming fiscal cliff keeps London market under pressure
London's blue chip share index remained in the red today on persistent fears over how President Obama will tackle America's looming fiscal cliff.
London's blue chip share index remained in the red today on persistent fears over how President Obama will tackle America's looming fiscal cliff.
But the FTSE 100 Index pared back earlier losses, closing down 6.4 points at 5769.7, as Wall Street's Dow Jones Industrial Average pulled out of its two-day nosedive.
Figures revealing a better-than-expected rise in US consumer confidence helped turn the Dow Jones around, up around 0.3% in early trade, and offset fears of a drawn-out battle over the looming fiscal cliff, which will mean automatic tax increases and spending cuts from January 1.
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