Afternoon Markets: US bail out plan will go ahead, says Bush

Markets were boosted this afternoon following George Bush's reassurance that a bail out plan will go ...

Markets were boosted this afternoon following George Bush’s reassurance that a bail out plan will go ahead. The US President renewed his calls for Congress to back proposals to save the financial systems. Some of yesterday’s falls on the S&P 500 were reversed as the index rose just over 3%. Bush urged lawmakers to reach an agreement or “painful consequences” will grow worse each day. In the UK, the FTSE 100 also increased by around 1.5% and sterling saws its best gains against the euro since mid-April. However shares in HBOS fell by more than 20% as rumours that Lloyds is consideri...