Business | Markets

Analysis: FTSE 100 bursts through 7000 point mark

 
Jonathan Prynn, Business Editor @JonPrynn|Consumer Business Editor
20 March 2015

So it made it at long, long last.

The FTSE 100 nuzzled the 7000 mark on the eve of the Millennium when traders were partying like it was 1999 - and then gave up.

The Dot Com boom imploded early in 2000 and the City’s leading blue chip index stagnated for 15 years.

A long series of further disasters - from 9/11 to the collapse of Lehman Brothers and the Eurozone crisis - kept shares depressed for half a generation.

The world may not seem much more stable now than at any period during that decade and a half but economic recovery - at least in the Anglo-Saxon world - now seems nailed on.

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We live in a low inflation, low interest rate, low oil price world, and that is making the markets purr.

Busting through the 7000 mark for the first time in the history of the Footsie will cheer investors whose returns have been devastated by the wafer thin interest rates of recent years.

Not everyone owns huge portfolios but virtually everyone with a private pension has a stake in the stock market one way or another.

The euphoria may not last long but today’s breakthrough means the ghost of 31 December 1999 can be laid to rest at last.