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FTSE down slightly after US Fed announces cash plan

FTSE down slightly after US Fed announces cash plan
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The FTSE 100 stock market index lost ground slightly today (March 19th) as investors took in a huge spending plan designed to revive the US economy.

In a strong session on Wall Street, stocks finished up by more than one per cent, however the FTSE dropped by 0.4 per cent, reports the Press Association.

The dip came after the US Federal Reserve announced that it plans to inject billions of dollars into the country's economy in an attempt to tackle the recession and kick-start the housing market.

Among the fallers was HSBC, which saw its share price drop by 10.5p, or two per cent, after shareholders gave the green light to a proposed rights issue.

However, Barclays saw an increase of nearly six per cent in its share price, while Royal Bank of Scotland was up 0.8p to 23.9p.

It has also emerged that MPs have criticised Barclays for successfully seeking a gagging order that forbids the Guardian newspaper from revealing details of the bank's alleged attempts to help companies avoid paying tax.ADNFCR-1681-ID-19082802-ADNFCR