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FTSE slides after major Wall Street sell off

FTSE slides after major Wall Street sell off

The FTSE 100 has got off to a poor start after a  major sell off on Wall Street overnight. 

Around 10 minutes after the opening bell run in London, the blue chip index was down by 53 points at 7,335.  The FTSE 250 had lost 113 points at 19,659. 

The S&P 500 recorded its biggest daily percentage drop in three months overnight, amid increasing concerns about the Trump administration's ability to push through its economic agenda.

The Dow Jones Industrial Average ended down 274 points, or 1.24%, to 21,751, the S&P 500 lost 38 points, or 1.54%, to 2,430.  The Nasdaq Composite dropped 123 points, or 1.94%, to 6,222.

Disappointing corporate results weighed as well. Shares of Dow component Cisco Systems (CSCO.O) fell 4% a day after its results, while Wal-Mart (WMT.N) was down 1.6% after the retailer reported a drop in margins due to continued price cuts and e-commerce investments.

Meanwhile L Brands, the parent of Victoria's Secret, tumbled 4.9% after it cut its annual profit forecast because of weakening sales. Other retailers slipped as well. Amazon fell 1.4% and Macy's lost 2.5%.

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