Nokia warnings brings US stocks down, Dow up 26pts Nasdaq down 0.8pt

Affected by the earnings warnings issued by worldˇ¦s top mobile operator Nokia, the US stocks plummeted after opening yesterday. Fortunately, subsequent buying narrowed the down-range. Dow & Jones closed at 10948.38 pts, up 26.29 pts, or 0.24%, while Nasdaq edged down 0.83 pt, or 0.04% to finish at 2169.95 pts. 

Telecom sector was the big decliner, with Nokia shedding 18.98% to close at US$23.26. Other telecom stocks also felt the pain, among which Motorola and Qualcomm down 5.79% and 3.03% to finish at US$14 and US$57.97. Technology stocks went separate ways yesterday, Dell Computer (4331) gaining 3.33% to end at US$26.1.

US 30-year treasuries yield closed at 5.645%.    

European stocks were also dragged by the US stock and telecom sector underwent pressure. UK Financial times lost 56.5 pts, or 0.96% to close at 5804 pts. Vodafone dropped 3.71% to 168.5 pennies, while British Telecom snatched 1.88% to end at 433.5 pennies.     

French CAC 40 index declined 106.53 pts, or 1.97% to finish at 5311.94 pts.

German DAX index eroded 103.59 pts, or 1.68% to end at 6059.15 pts.

London Hong Kong stocks went down broadly, HSLRI down 130.64 pts over the closing in Hong Kong yesterday to close at 13396.04 pts.

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