FTSE 100 Closes 109 Points Lower After Heavy Global Sell-Off

London's blue-chip index ended a rocky Friday in the red, although it clawed back much of its early damage. The FTSE 100 closed about 109 points, or roughly 1 percent, lower at 10,673, after tumbling as much as 2.35 percent to near 10,528 earlier in the session, according to Share Talk.

The FTSE 250 fell about 1.13 percent to 24,423.93, a day after hitting a record intraday high. The sell-off followed Thursday's 5.5 percent drop on the Nasdaq, while Germany's DAX slid about 2 percent, Japan's Nikkei dropped by around 6 percent and South Korea's Kospi lost more than 6.5 percent.

Adding to the nerves, the Bank of England raised Bank Rate by 25 basis points to 4 percent on Thursday in an 8-1 vote, with the lone dissenter wanting a 50 basis point move. Investors now face higher borrowing costs and a jittery global tech market at the same time.