Stock movements looked bleak again in today's trading after lower profit and sales warnings from sev...
Stock movements looked bleak again in today's trading after lower profit and sales warnings from several firms knocked investors' confidence and dragged the UK stockmarket down.
Xansa, Northern Foods and Schroders and US technology firm Intel all forecast lower sales or profits and sought to push rival firms such as Bookham Technology and Arm Holding south..
The U.K.'s benchmark FT-SE 100 Index closed down 38.40 points, or 0.7%, to 5127.60, completing its sixth drop in eight days.
Strong annual sales at Prudential, particularly in Asian insurance and investment business, gained the UK's second-largest life insurer another 2.1% to 771p, even though the Pru has predicted a drop in sales this year.
The inevitable happened in New York as a result of so much negative news and U.S. stocks fell enough to drive the Standard & Poor's 500 Index to its lowest level in a month at 1136.43.
One of the biggest surprises of the day came from JPMorgan Chase who also announced it had made a loss in the fourth quarter of last year.
Big-named financial services firms Citigroup Inc. and Bank of America Corp. also dropped on the back of JPMorgan's news.
J.P. Morgan lost $1 to $36.87 today after declaring it had to write off $807m in trading losses and bad loans. Enron's bankruptcy and money in the fourth quarter because of Enron Corp.'s and Argentina's bond defaults and currency devaluation has apparently a much larger impact than expected, and a loss in $385m in private equity business also had to be written off.
The Nasdaq Composite Index lost 34.53 points, or 1.7%, to 1966.38 while the Dow Jones Industrial Average shed 116.94 points, or 1.2%, to 9807.21.
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