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US and European markets drop

19 October 2009 08:52 (UTC +04:00)

Baku- APA-Economics. Stocks fell in Europe and the U.S. on Friday as General Electric, Americaâ€™s biggest corporate, and Bank of America posted disappointing earnings, stoking fears more companies will have a lacklustre third quarter.

The Dow Jones Industrial Average fell 0.7% to 9995.91 and the Standard & Poorâ€™s 500 declined 0.8% to 1087.68. The Nasdaq Composite dropped 0.8% to 2156.80.

In Europe, the Dow Jones Stoxx 600 fell 0.7% to 245.58. The U.K.â€™s FTSE 100 fell 0.6% to 5190.24 on Friday, Germanyâ€™s DAX 30 fell 1.5% to 5743.39 and Franceâ€™s CAC 40 fell 1.5% to 3827.60.

The euro slipped 0.3% to $1.4903 and edged up 0.1% to 135.42 yen. The dollar strengthened 0.4% to 90.87 yen.
Crude oil touched its highest levels in a year after figures showing a lift in U.S. industrial production and after the Energy Department said stockpiles of gasoline fell by 5.23 million barrels last week.
Crude oil for November delivery rose 1.2% to US$78.53 a barrel on the New York Mercantile Exchange on Friday.
U.S. industrial output rose more than expected last month, adding to optimism about an economic recovery.
Production rose 0.7% in September, beating expectations and rounding out the third month of gains.
Gold for December delivery rose 90 cents to US$1,051.50 an ounce in New York.