FTSE 100 sets new record high, passing December 1999 peak

London’s FTSE 100 surged to a new all-time high on Tuesday afternoon, surpassing the previous record reached amid the dotcom bubble at the end of 1999.

The Footsie settled up 0.5% on the day at 6,949.63, exceeding the record finish of 6,930.20 reached on 30 December 1999.

The UK benchmark index rose as high as 6,958.89 before the market close, setting a new intraday record. The previous intraday high was 6,950.60.

The positive moves came as the Eurogroup approved a bailout extension request from Greece.

Meanwhile, markets were also boosted by comments from Federal Reserve chair Janet Yellen who suggested that removing the word “patient” from the central bank’s forward guidance does not necessarily imply a rate hike is imminent.

“Ongoing central bank accommodation in the US should be supportive of global asset prices including European stocks,” said analyst Jasper Lawler from CMC Markets.

However, analyst Connor Campbell from Spreadex said: “Many argue that it’s got further to go with the European Central Bank recently entering the ring with their own quantitative easing programme, but the higher markets go, the harder they fall.”