UPDATE: FTSE dips below 5,000

The FTSE 100 dipped below the 5,000 mark this morning after a short-lived rally at the start of trading.

The FTSE 100, which usually tracks the Dow in early trading, fell 0.75% to 5,034 shortly after the bell, then gained 0.63% to climb back above the 5,100 mark. It then slipped back below the 5,000 mark, falling 1.41% to 4,997. European markets were also climbing this morning, with the French Cac up 1.04% to 3,157 and the German Dax up 0.55% to 5,955. However, both were down more than 0.5% as the investors worried about how Europe and the US will work their way out of a high debt burden if the global economy slows. On Monday, London's leading index closed 3.4%, or 178 points, lower at 5...