Friday May 9, 05:07 PM
London shares close lower; financials fall; Wall Street weaker
LONDON (Thomson Financial) - Leading shares closed lower, with a fall on Wall Street hurting UK companies across the board, including financials.
At the close, the FTSE 100 index was down 66.1 points at 6,204.7, up from the session
low of 6,167.6. On the week, the FTSE 100 was down 10.8 points, or 0.2 percent. The FTSE 250 index fell 112.5 points today to close at 10,437.3.
In the U.S., the Dow Jones Industrial Average was off 95.3 points at 12,771.5 as the London market was closing. The S&P 500 was down 8.4 at 1,389.28, while the Nasdaq Composite (NASDAQ: news) was off 4.3 at 2,446.94.
Insurance giant American International Group Inc. was a faller after reporting losses and the need to raise $12.5 billion. Reports that Citigroup (NYSE: C - news) is considering selling $400 billion in non-core assets to restore profit growth further unsettled investors, and, amid general market gloom, the financial sector was particularly badly affected.
UK financial plays also suffered.
Oil prices touched a new high of $126 per barrel, keeping Wall Street's inflationary concerns alive.
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