United States Federal Reserve interest rate cuts were the cause for serious concern across the wo...
United States Federal Reserve interest rate cuts were the cause for serious concern across the world's markets today.
UK stocks suffered extended losses with the Footsie falling 206.3 points, or 3.5 percent, to 5690.5.
Vodafone, the largest mobile company, slid 13p, or 6.4 percent, to 190p. BP, the third largest publicly traded oil company, dropped 22.5p, or 3.7 percent, to 587.p. GlaxoSmithKline erased 64p to 1873p. These three companies accounted for 76 points of the Footsies decline.
HSBC dropped 51.5p to 839.5, accounting for 20.4 points of the Footsies fall. The bank says it has no plans to broaden its relationship with Merrill Lynch and Co., trying to quell speculation it may bid for the biggest US brokerage and likely have to issue new shares, so diluting existing shareholders.
The Nasdaq fell for a fourth day as some investors concluded the Federal Reserve is likely to lower interest rates by less than the half-point they had expected.
Cisco Systems Inc., Qualcomm Inc. and Microsoft Corp led the decline, which dragged the Nasdaq down by 32.30 to 2075.13.
The Standard and Poor's 500 Index also closed the day down 0.2 percent to 1242.71.
The Dow Jones had a variable day, falling as much as 0.2 percent and rising up to 0.3 percent, but was little changed on closing at 10,821.44.
Three stocks fell for every two that rose on the Nasdaq, while 10 stocks declined for every nine that advanced on the New York Stock Exchange.
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