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Last Updated: Dec 19th, 2008 - 09:57:14
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NEW YORK - US stocks plunged on Thursday on market concerns over a collapse of oil prices and a lowering of American giant General Electric's credit outlook to negative.
The Dow Jones industrial average settled down 219.35 points, or 2.49 per cent, at 8,604.99.
The Standard & Poor's 500 index was 19.08 points lower, or by 2.11 per cent, to 885.33, and the Nasdaq composite index had fallen 26.94 points, or 1.71 per cent, to 1,552.37.
LONDON - Europe's main stock markets closed mixed on Thursday, with trading on Wall Street providing little direction as investors digested more downbeat economics news and uncertainty about the US car makers.
London's FTSE 100 index finished up 6.47 points or 0.15 per cent, at 4,330.66.
FRANKFURT - The Dax gained 48.02 points or 1.02 per cent, to close at 4,756.4.
PARIS - The CAC 40 ended 7.77 points or 0.24 per cent lower at 3,234.15.
TOKYO - Japanese share prices closed 0.64 per cent higher on rising expectations that the central bank will cut interest rates in a bid to shore up the world's second largest economy.
The Tokyo Stock Exchange's benchmark Nikkei-225 index rose 54.71 points to close at 8,667.23.
HONG KONG - The benchmark Hang Seng Index rose 37.29 points or 0.24 per cent, to 15,497.81.
WELLINGTON - The New Zealand share market managed a modest run higher ahead of its close. The benchmark NZX-50 index closed up 11.66 points, or 0.433 per cent, at 2707.591.
In early trade on Friday, the NZ market was down 16.66 points or 0.65 per cent, to 2,690.93.
SYDNEY - The Australian stock market is expected to open lower as US stocks remained weaker in mid-afternoon trade. Precious metals and copper in New York also were down, and oil fell again, despite OPEC announcing a major production cut.
At 0823 AEDT on the Sydney Futures Exchange, the March Share Price Index futures contract was down 37 pointS at 3,535.
In equities, Allco Hybrid Investment and Keycorp Ltd will hold annual general meetings, as will Espreon Ltd, Centaurus Resources, Imagine Un Ltd, EnviroMission Ltd and Wentworth Holdings Ltd.
The Australian share market finished marginally in the black on Thursday as weaker Commonwealth Bank and energy stocks weighed on the bourse.
The benchmark S&P/ASX200 index was up 10.6 points, or 0.3 per cent, at 3,581.2, while the broader All Ordinaries index gained 6.7 points, or 0.19 per cent, to 3,521.7.
NYMEX
Oil prices tumbled to their lowest points for more than four years, diving under $US38 per barrel in New York, as traders suggested that OPEC would not fully enforce a record output cut.
On the New York Mercantile Exchange (NYMEX), light sweet crude for delivery in January settled down $US3.94 at $US36.22 a barrel ahead of the contract's expiry overnight tonight.
On London's InterContinental Exchange (ICE), Brent North Sea crude for February sank as low as $US44.30.
In later deals, Brent oil was 53 cents down at $US45.00 per barrel.
The Organisation of Petroleum Exporting Countries (OPEC), which produces about 40 per cent of the world's crude, approved a record output cut on Wednesday of 2.2 million barrels a day.
The decision failed to prevent prices plunging even further, however, as rising US energy reserves also heightened global demand worries amid a sharp worldwide economic slowdown.
COMEX
Gold for February delivery fell $7.90 to $860.60 an ounce on the New York Mercantile Exchange.
March silver shed 30 cents to $11.12 an ounce, while March copper futures slipped 7.15 cents to $1.3015 a pound.
© Copyright 2004 by Merlea Investments
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