The euphoria sparked by yesterday's news of pending interest rate reductions in the US and this morn...
The euphoria sparked by yesterday's news of pending interest rate reductions in the US and this morning's news that internet switch maker Cisco was improving earnings again gave way to pessimism after bad news involving two of the Dow Jones Industrial Average's 30 members (SBC Communications and Philip Morris).
Here, it was software and banking stocks the led the index down 36.6 points to 4,094.40.
Sage lost 7p to 115.75p and Royal Bank of Scotland shed 80p to £14.50 after acknowledging in its results out today that bad loans provisions were being stepped up.
HBOS and Abbey National were not far behind with losses of 34p to 675p and 28p to 702p respectively.
Standard and Chartered did better through its results, however, leading to a 60.5p gain to 669.5p.
GKN gained 10.75p to 257.75p on an upgraded recommendation from analysts at Merrill Lynch - not bad for a manufacturing company in the midst of the biggest sector slump since the late 1970s.
The FTSE 250 mid-caps index did the reverse of its bigger peer, putting on 49.5 points to 4,623.1, led up by pharmaceuticals producer Galen Holdings, which jumped 27.5p to 358.5p after reporting strong third quarter profits.
CMG followed sector peer Sage down, however, losing 2.25p to 58p.
In New York, the Dow Jones Industrial Average index is trading up 24 points at 8,297 and the Nasdaq Composite is up 1.5 points at 1,261.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till