Wall Street rallied after the London market closed.
Posted on 07/03/2002 1:32:18 PM PDT by blam
London market closes at lowest point for five years
The London market has slumped to its lowest close for more than five years.
By the close of trading, the FTSE 100 Index was down 154.2 points at just 4392.6.
The lowest it reached in the aftermath of September 11 was 4433.7 on 21 September.
Today's slide brings the Footsie to its lowest point since April 28 1997.
A slump on Wall Street hit shares further, after the Dow Jones Industrial Average and Nasdaq fell in afternoon trading. By the close of trading, just six stocks were ahead.
Analysts said the fall was on the back of continued nervousness about company earnings and accounting, and there was a complete lack of buyers.
Telecoms, banks and insurance stocks weighed on the Footsie. Vodafone shed 6%, off 5½p at 80½p amid accounting worries although this was denied by the company.
BT Group was off 10p at 236p and Cable & Wireless dropped 9½p to 156½p, and mmO2 slid a penny at 41p.
Among the banks, Barclays tumbled by 32p to 503p, Lloyds TSB fell 32p to 605p, Royal Bank of Scotland moved down 88p to £16.85 and Standard Chartered fell 21½p to 661½p.
Insurance firms were sharply lower, with Prudential down 32½p at 521½p and Aviva, the new name for CGNU, off 51½p at 443½p.
Story filed: 17:32 Wednesday 3rd July 2002
slump on Wall Street hit shares further, after the Dow Jones Industrial Average and Nasdaq fell in afternoon trading. By the close of trading, just six stocks were ahead.Huh? The Dow and NASDAQ finished the day in the black. So did the S&P.
Wall Street rallied after the London market closed.
Interesting times, huh?
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