A poor day for tech and telecom stocks in the US on Tuesday condemned their UK counterparts and...
A poor day for tech and telecom stocks in the US on Tuesday condemned their UK counterparts and the FTSE 100 to an early decline on Wednesday.
At morning trade London's leading index fell 15 points to 5164.
Old economy stocks and pharmaceuticals dominated the leaders' board which was led by Marks & Spencer, up 3% to 411p. The retailer reported a stronger than expected rise in sales for the January to March period today.
Tech and telecom casualties included Vodafone, who fell 2% to 119p, Arm shed 3% to 275p and Logica dropped 2% to 408p.
Reuters was also among the decliners following news that the chief executive and president of its majority owned Instinet business has quit the company. Shares fell 2% to 525p.
In the US on Tuesday, all the key indices fell, The Standard & Poor's 500 slid 7.49 to 1117.8, the Nasdaq fared worst with a fall of 43.3 to 1742.57. The Dow Jones lost 40.41 to 10,208.67.
The US tech decline was fueled by companies including Verizon Communications, Citrix Systems and Nortel Networks who all admitted profit and sales were behind forecasts.
Among the bellwethers, Cisco slumped $1.36 to $14.82, Microsoft dropped $2.35 to $54.87 and Intel lost $1.47 to $28.46.
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