EU debt crisis and US job losses rattle stock market

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The FTSE 100 index dropped below the 5100 mark for the first time since November, having traded at just over 5600 less than a month ago.

After tumbling 113 points yesterday in a late afternoon sell-off, the Footsie was another 93.63 points lower at 5045.68.

Shares in New York were also on the slide with the Dow Jones Industrial Average down 46.93
to 9955.25.

It came after US employers cut 20,000 jobs last month, dashing hopes that some 15,000 would
be created.

Officials in Washington also said that job losses from the "Great Recession" were far worse than expected — 8.4 million since December 2007 rather than the 7.2 million first thought.

That was the most in any recession since the Second World War.

But the US unemployment rate unexpectedly fell in January from 10% to 9.7% — the lowest level since August last year.

The mixed news was greeted with caution after a turbulent week for global markets where investors have been spooked by growing concerns over Europe's so-called PIGS — Portugal, Italy, Greece and Spain — and their ability to contain their growing debt crises.