11 Apr 2011

Oil prices cause US markets to fall

7:03 am on 11 April 2011

Wall Street stocks fell on Friday as a spike in oil prices revived worries that inflation would derail the recovery.

The Dow Jones Index was down 29 points to 12,380. The Nasdaq Composite was down 16 points to 2780.

In Europe: the FTSE in London was up 0.8%, the DAX in Frankfurt was up 0.5% and the CAC-40 in Paris was up 0.8%.

In Toyko, the Nikkei was up 177 points to 9768.

The Australian 200 Index was up 32 points to 4941 and the NZX 50 was down 5 points at 3445.

The New Zealand dollar on Monday morning was trading at 78.29 US cents, 74.12 Australian cents, 47.75 pence, 66.27 yen and 0.5401 euro. The Trade Weighted Index was at 67.94.

Brent crude oil rose to $US127.29 per barrel and gold was trading at $US1474.70 per ounce.