FTSE closes down 2.4% as Dow sheds 300 points

Major European and US indices have dropped as the ECB revealed a key official was stepping down.

The S&P 500 opened down 1.3% to 1,171 and the Dow Jones shed almost 200 points to touch 11,100 in the first session after the President's announcement of a $447m stimulus package in a speech to the joint Houses of Congress yesterday evening. The poor start to trading in the US helped push European markets to extend earlier losses: the FTSE 100 was down 2% to 5,228 shortly after the US open, with the Cac 40 down 3.2% to 2,982 in France and Germany's Dax falling 3.4% to 5,225. The FTSE was down 2.35% to 5,215 at the close, with the Dow Jones down by 300 points to 10,995 and the S&P 500 ...