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Wall Street surge fits uncomfortably with FTSE's week to forget

Evening Standard

|

June 09, 2023

BULL MARKET headlines in the US jarred with the experience of London traders today as the FTSE 100 index completed a forgettable week barely changed.

Wall Street surge fits uncomfortably with FTSE's week to forget

The S&P 500 index last night broke into what many regard as bull market territory by closing 20% higher than its October low, with tech stocks driving the outperformance.

There’s unease that Wall Street’s rally is concentrated in just a handful of stocks, with New York’s FANG index of mega caps up 65% in the same period and the S&P 500’s top 10 companies now accounting for 30% of the overall index.

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