The UK's benchmark market, the FTSE 100, proved it was following whatever the US markets do today whe...
The Footsie closed the week 137.4 points lower at 5591.8 while the Techmark slid 93.97, more than 4%, to 2078.28, after the Nasdaq fell below the 1900 point mark.
Although the markets clawed back some value yesterday, there was really never any doubt that stocks would struggle to close up this week.
Telecom and tech stocks had no intention of breaking its downward trend and losses soon mounted up.
Marconi fell 21p to 406p, ARM lost 7.5p to 310.5p and Bookham Technology fell 21p to 399p. Accounting software group Sage lost 36.25p, as much as 12%, to 265.25 on news that last year's acquisitions are unlikely to boost earnings. Logica fell 165p to 1160p, Misys lost 51p to 559p and Colt Telecom lost 85p to 911p.
Other fallers include Corus down 5p to 63p, Invensys 6.75p to 141.25p and Vodafone 6p to 202.
Marks & Spencer, however, was one of the lucky few and gained 10p to 222.5p after saying it's to close 38 stores in Europe.
Bank of Scotland also rose 14.5p to 677.5p after announcing a joint venture with Zurich Financial Services. Iceland added 3p to 166p thanks to an analyst recommendation.
The Nasdaq, the Dow Jones and the Standard & Poor 500 lost 20.21 points to 1920.50, 71.54 to 9959.74 and 10.48 to 1163 respectively with losses for tech stocks.
Oracle fell 44 cents to $14.25 after the software group said third quarter profits did in fact meet reduced expectations. Computer Sciences also fell $13.60 to 40.50 after it lowered its profit outlook for the fourth quarter and that it will need to cut between 700 to 900 jobs.
By Gary Jarvis
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