BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
 You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
Monday, 1 July, 2002, 21:59 GMT 22:59 UK
Nasdaq dives on WorldCom fears
Worldcom/shares graphic
WorldCom blues hit traders' sentiment
The Nasdaq index of hi-tech US shares fell sharply to close at its lowest level for five years after the WorldCom accounting scandal knocked the confidence of traders on Wall Street.

People are nervous about July 4th, the next WorldCom, just pick your poison

Donna Van Vlack
Director of trading
Brandywine Asset Management

The start to the third quarter of the year was made even more gloomy by the low close of the broader Standard & Poor's index of US companies which closed less than three points above its post-11 September low.

The Nasdaq index closed at its lowest level since June 1997 as traders were gearing up for 4 July amid rising fears of renewed terror attacks.

"People are nervous about July 4th, the next WorldCom, just pick your poison," said Donna Van Vlack, director of trading at Brandywine Asset Management.

Strong economic data and an optimistic profit prediction from the conglomerate 3M failed to lift sentiment sufficiently to shift the clouds that were hanging over the market.

This is partly because there are real concerns about the health of the real economy underlying the weak sentiment governing trading.

"The concerns are that the economic recovery is not as robust as people had hoped for," said CIBC World Markets head of block trading, Dan McMahon.

The Nasdaq index shed 4.06%, the Dow Jones index fell 1.44% while the Standard & Poor's index fell 2.14%.

View market data
Launch marketwatch
The Markets: 9:29 UK
FTSE 100 5760.40 -151.7
Dow Jones 11380.99 -119.7
Nasdaq 2243.78 -28.9
FTSE delayed by 15 mins, Dow and Nasdaq by 20 mins
WorldCom

Latest news

Analysis

Background

AUDIO VIDEO

TALKING POINT
See also:

01 Jul 02 | Business
01 Jul 02 | Business
26 Jun 02 | Business
17 Jun 02 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes