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Footsie shrugs off UK rating downgrade

London's top flight index appeared to shrug off the loss of the UK's AAA credit rating yesterday, with subdued trading across the Atlantic proving a greater concern to investors.

The FTSE 100 Index reached five year highs during the day, but lost early gains ahead of US Federal Reserve chairman Ben Bernanke's testimony to the Senate Banking Committee today.

The FTSE 100 closed up 19.7 points at 6355.4, while on Wall Street the Dow Jones Industrial Average opened flat in anticipation of an update on the Fed's asset purchase plans.

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