FTSE100 heading for worst day since Black Monday?

The FTSE100 has dived over 10% this morning spreading fear throughout global markets and taking it below 4,000 points for the first time in four years.

The crash of 1987, known as Black Monday, was also in the month of October and saw worldwide markets decline substatially. The FTSE100 index lost 10.8% on that infamous day but worse was to come the following day when it lost a further 12.2%.

To add to UK misery the pound fell to a 5 year low against the dollar to 1.68 against the dollar - its lowest level since November 2003.

Although it's too early in the day to guess where the FTSE will close, there is no doubt that we are living through tough financial times and it's possible that people will be talking about this day for years to come along with Black Monday (1987) and the infamous Wall Street crash if 1929.

Hopefully the index will see a recovery by the close of trading, otherwise if it continues to fall at this alarming rate today may be known forever as Black Friday.

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