MARKET REPORT Dow on the brink of a bear market June 30, 2008 AAP
US stocks fell on Friday, pushing the Dow to the brink of a bear market, hounded by concerns that record oil prices and the seemingly endless credit crisis will further damage the economy.
As the price of oil crossed $142 for the first time, shares of companies that sell everything from fast food to soap slid as fears mounted that consumers will need to cut back.
The Dow Jones industrial average dropped 106.91 points, or 0.93 per cent, to 11,346.51. The Standard & Poor's 500 Index fell 4.77 points, or 0.37 per cent, to 1,278.38, while the Nasdaq Composite Index slipped 5.74 points, or 0.25 per cent, to 2,315.63.
LONDON - UK stocks eked out a gain as record high crude boosted energy stocks, outweighing the impact of losses in supermarkets and banks sparked by concerns over the health of the UK economy.
The commodity-heavy FTSE 100 closed up 11.7 points, or 0.2 per cent, at 5,529.9 points.
FRANKFURT - The DAX index ended at 6421.91 points, down 37.69 or 0.58 per cent.
PARIS - The CAC-40 index closed at 4397.32 points, down 28.87 or 0.65 per cent.
TOKYO - Japan's Nikkei stock average slipped 2 per cent to a two-month closing low in its longest losing streak in seven months, with Sony Corp and other exporters battered by growing uncertainty over the US economy, high oil prices and sharp Wall Street losses.
The Nikkei ended down 277.96 points at 13,544.36.
HONG KONG - Hong Kong shares fell 1.8 per cent to a three-month low, as the prospect of lower earnings at major US corporations and speculation of an imminent rate hike in China spooked investors.
The Hang Seng Index closed 413.32 points lower at 22,042.35.
WELLINGTON - The sharemarket plunged to its lowest in more than two years, joining other markets in hefty declines after Wall Street set a negative tone.
The benchmark NZSX-50 lost 1.98 per cent, or 65 points, to close at 3226.9.
SHARE TRADING 