4 Dec 2010

European markets down on rise in US jobless

11:59 am on 4 December 2010

Stocks markets in Europe fell sharply after the unemployment rate in the United States rose to 9.8% in November.

In London, the FTSE 100 was down 0.39% at 5745.32 points on Friday.

The CAC 40 in Paris was up 0.09% at 3750.55 points while the DAX in Frankfurt slipped 0.14% to 6947.72 points.

However, stocks in the United States rose for a third day.

The Dow Jones industrial average climbed 19.68 points, or 0.17%, to 11,382.09.

Standard & Poor's 500 Index rose 3.18 points, or 0.26%, to 1,224.71 and the Nasdaq Composite Index increased 12.11 points, or 0.47%, to 2,591.46.

Earlier, the Australian share market closed higher, although the gains were not as strong as those on Wall Street.

The All Ordinaries index was up 18 points at 4780 and the ASX 200 gained 0.4% to 4,694.

In New Zealand, the NZX50 index closed down 2 points at 3283.

The ABC reports West Texas crude oil was selling at at $US88.98 per barrel. Spot gold was fetching $US1392 per ounce.