FTSE breaches 7,000 barrier for first time

The FTSE 100 has moved above 7,000 for the first time in its history this afternoon, as a strong open on Wall Street helped the UK's blue chip index finally reach the landmark figure.

The index moved past the 7,000 mark at 15:00 GMT exactly, taking year to date gains to 6.6%. Having finally reached a level which it first threatened to pass more than 14 years ago, the FTSE then continued to move higher, standing 0.8% up at 7,016 by mid-afternoon. The index has now risen 3.8% this week, helped by an investor-friendly Budget on Wednesday and then a US Federal Reserve policy announcement which was more dovish than had been expected. Brewin Dolphin group head of research Guy Foster said: "As we pass this latest milestone no doubt some will feel it marks a frothy top ...