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European Stocks Close Lower

October 26, 2000

LONDON (AP) _ European stocks closed lower Thursday amid disappointment that Wall Street failed to mount a recovery from the prior day’s drop.

The Dow Jones Euro Stoxx Index, which tracks companies in the countries that have adopted the unified euro currency, closed down 3.3 points at 408.46. The Dow Jones Euro Stoxx 50 Index was down 50.6 points at 4926.5.

The Dow Jones Stoxx Index of shares in European companies fell 3.27 points to 381.56, while the Dow Jones Stoxx 50 Index closed 51.1 points lower at 4876.9.

Investors had been looking for a rebound by the Nasdaq composite index, which fell 5.6 percent Wednesday, led by fiber-optic shares, for the worst loss since May. Fiber-optic plays continued to suffer on Thursday on both sides of the Atlantic. In Europe, Britain’s Marconi and France’s ST Microelectronics fell.

Pharmaceuticals again provided shelter from volatility as investors deserted technology stocks. SmithKline Beecham, Glaxo Wellcome, Aventis, Sanofi and Bayer all rose.

In domestic markets, Frankfurt’s Xetra DAX, up 43.91 points at 6792.13, outperformed its European counterparts, led by Deutsche Telekom. London’s FTSE-100 Share Index closed down 65.5 points at 6302.3, with techs dominating the losers board. The Paris CAC-40 Index was down 69.48 points to 6208.42.

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