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Daily Spread Betting and Financial Market Round-upSpread betting: financial markets round-up Thursday November 1, 2007
The rally brought about by the cut in US interest rates was short-lived as US equity indices experienced sharp declines on Thursday. The major indices including the Dow, S&P 500 and the Nasdaq Composite all shed over 2%. The Dow Jones industrial average fell 362.14 spread betting points (2.60 percent) to close at 13,567.87. The Standard & Poor's 500 Index lost 40.94 points (2.64 percent), to end the session at 1,508.44; and the Nasdaq Composite Index lost 64.29 points (2.25 percent), finishing the day at 2,794.83.
The sharp losses, the biggest since early August, were triggered by brokerage downgrades of the two biggest US banks and renewed fears of further fallout from the credit crisis which initially gripped the markets in August.
In the UK, the FTSE 100 lost just over 2%, with a drop of over 135 spread betting points. The Footsie’s decline was led by the banking sector, with Northern Rock and Barclays providing the best downside profits for spread bet traders. The stocks fell by 6.78 per cent and 5.38 per cent respectively.
FTSE 100: winners Unilever (ULVR) 1,696.00p +4.37% British Sky Broadcasting Group (BSY) 690.00p +1.40% ICAP (IAP) 591.00p +1.03% FTSE 100: losers Northern Rock (NRK) 172.00p -6.78% Barclays (BARC) 571.50p -5.38% Smith & Nephew (SN.) 617.50p -4.93% Happy spread betting!
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