The mining sector was the biggest losing sector of the day with Randgold Resources slipping by six percent, Fresnillo losing 4.5% and Anglo American dropping 2.7 percent. Another major loser was BT Group. The telecoms company saw their share price slip by two percent after investors became concerned that a price war may be looming.
BT's second quarter profits increased by 13 percent, and revenues from the consumer business increased by seven percent, however it is unclear whether the company will be able to continue to grow in this way as it faces increasing competition from BSkyB and other brands.
Barclays was another major gainer, seeing its share price increase by 0.9% after it reported a significant increase in pre-tax profits for the first nine months of this year. Barclays has set aside a substantial amount of funds to cover the potential cost of the ongoing investigation into currency trading rigging, so should be buffered against any fines that may occur as a result of the inquiry.
Overall, the FTSE 100 endured a volatile trading session, briefly dipping below the 7,400 mark following the Fed's announcement about the end of the QE program, before recovering back up to support levels later in the day.