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Oil shares drag down Wall Street Oil shares drag down Wall Street
(about 4 hours later)
Wall Street's main share indexes fell on Wednesday, dragged down by weaker US oil stocks. Wall Street shares fell on Wednesday as weakening commodity prices hit some of the biggest US companies.
Exxon Mobil fell 1.8% and Chevron lost 2% after crude oil fell by $5 a barrel, on worries over the outlook for the US economy, the world's biggest oil user. Exxon Mobil fell 4.0% and Chevron lost 4.6% after crude oil fell by more than $6 a barrel on worries about the outlook for the US economy.
But bank shares were higher, lifted by better-than-expected results from investment bank Morgan Stanley.But bank shares were higher, lifted by better-than-expected results from investment bank Morgan Stanley.
By 1639 GMT, the Dow Jones industrials average was down 68 points or 0.6% at 12,324. The Nasdaq also fell 0.6%. The Dow Jones closed down 2.4% or 294.8 points at 12,097.9 while the Nasdaq fell 2.6% to 2,210.1.
London's FTSE 100 index was down 1%, Frankfurt's Dax was down 0.3% and in Paris the Cac 40 was down 0.5%.London's FTSE 100 index was down 1%, Frankfurt's Dax was down 0.3% and in Paris the Cac 40 was down 0.5%.
Additional fundsAdditional funds
Despite Morgan reporting a 42% drop in first-quarter profits, analysts had expected much worse from the bank.Despite Morgan reporting a 42% drop in first-quarter profits, analysts had expected much worse from the bank.
More on the City trading probeMore on the City trading probe
Analysts said US investor confidence was further lifted by US Treasury Secretary Henry Paulson's announcement that changes to government-backed mortgage providers Fannie Mae and Freddie Mac would release an additional $200bn (£100bn) for the financing of home loans.Analysts said US investor confidence was further lifted by US Treasury Secretary Henry Paulson's announcement that changes to government-backed mortgage providers Fannie Mae and Freddie Mac would release an additional $200bn (£100bn) for the financing of home loans.
US stocks were also helped by Tuesday's latest interest rate cut from the Federal Reserve.US stocks were also helped by Tuesday's latest interest rate cut from the Federal Reserve.
Yet despite the rises, analysts said market turbulence could continue for some time.Yet despite the rises, analysts said market turbulence could continue for some time.
In London, the FTSE 100 was down 15 points or 0.2% to 5,592 by 1540 GMT.
The UK stocks news was dominated by sharp losses to banking stocks, led by HBOS.The UK stocks news was dominated by sharp losses to banking stocks, led by HBOS.
The declines led to the UK market watchdog, the Financial Services Authority, announcing that it was looking into whether rumours had been deliberately spread to undermine bank shares.The declines led to the UK market watchdog, the Financial Services Authority, announcing that it was looking into whether rumours had been deliberately spread to undermine bank shares.
Officials at the Bank of England denied that any UK banks were in trouble.Officials at the Bank of England denied that any UK banks were in trouble.
Concerns about the financial strength of banks were strengthened last week when the fourth-largest corporate lender in the US, Bear Stearns, needed emergency funds before being bought by rival JP Morgan Chase.Concerns about the financial strength of banks were strengthened last week when the fourth-largest corporate lender in the US, Bear Stearns, needed emergency funds before being bought by rival JP Morgan Chase.