Chart: Selling the headline, buying the complete transcript
At the G20 today, Russian President Vladimir Putin spoke about about Syria. His comments were reported by Bloomberg “will provide assistance if the U.S. launches military action against the country [Syria]“, under the headline “U.K. Stocks Drop as Putin Says Russia Will Help Syria“.
Both the FTSE 100 and the S&P 500 dropped as the story was published at about 9:45 EST. At its lowest, the S&P fell 20 points, or about 1.2%, and the FTSE 100 fell 55 points, or about .8%.
The full context of Putin’s comments seemed to be less worrying to international stability than they initially appeared, and in fact were in line with his previous comments on Syria. As this was digested, both markets recovered.
(As with many stock charts, the below makes the drop seem a bit more dramatic than it was, but here’s a look at today’s action.)