A weak Wall Street impacted our market today, despite oil prices reaching another record.
About 10am today the benchmark S&P/ASX200 index had fallen 24.2 points to 6247.2 and the All Ordinaries had dropped 22 points to 6261.7. By midday the fall had continued, with the S&P/ASX200 index falling to 6198.7 and the All Ordinaries down to 6218.2
US stocks have been continually rocked by volatile financial markets, sub-prime concerns and fears that a run on British mortgage lender, Northern Rock, would cause further turmoil.
Meanwhile, oil prices rose to another record, fanning inflation concerns on the day the Federal Reserve decides whether to cut US interest rates.