FTSE recovers after early American drama passes

THE London market managed to close with its head above the 4000 mark today, despite receiving a blow from Wall Street during afternoon trading.

US exchanges slumped on their opening on the back of unexpectedly-poor unemployment figures, while the shock resignation of treasury secretary Paul O'Neill also shook traders.

But as the surprise wore off, Wall Street stabilised and by the time London closed, US markets were trading around their opening levels.