24 Jun 2011

US stocks trim losses

10:01 am on 24 June 2011

Wall Street stocks trimmed losses on Thursday after Greece won the consent of the European Union and International Monetary Fund for a new five-year austerity plan.

The move buoyed sentiment after earlier disappointing economic data and a surprise International Energy Agency announcement that it would release 60 million barrels of oil from strategic stockpiles had weighed on share prices.

The Dow Jones industrial average closed down 59.67 points (0.49%) at 12,050.00.

The Nasdaq Composite Index rose 17.56 points (0.66%) at 2,686.75.

London's FTSE 100 ended down 99 points (1.7%) at 5674, its lowest close since 16 March when markets were plunging in the immediate aftermath of the Japanese earthquake.

Germany's DAX fell 1.8% and France's CAC 40 fell 2.2%.

The Australian 200 Index fell 32 points (0.7%) to close at 4501 on Thursday.

The NZX 50 rose 4 points to 3462.

On Friday morning, the New Zealand dollar was trading at 80.92 US cents, 77.27 Australian, 50.68 pence, 65.27 yen and 0.5709 euro. The TWI stood at 70.4.

Brent crude futures for August settled at a four-month low of $US107.26 a barrel, down $US6.95 for the day.

Gold was trading at $US1515.40 an ounce