Aust stocks open mixed following varied US session

AAP General News (Australia)
02-18-2000
Aust stocks open mixed following varied US session

The Australian sharemarket opened mixed this morning, following a varied overnight
session in the US where interest rate fears pummeled the Dow.

The benchmark all ordinaries index was down 0.6 points to 3144.4 by 10.36 am (AEDT).

The Dow Jones industrial average, off more than 100 points in earlier trading, finished
down 46.81 at 10,514.57.

In his twice-a-year report on the US economy to Congress, Federal Bank chairman ALAN
GREENSPAN said the Fed's four quarter-point increases over the past eight months have
had little effect in slowing the economy.

Blue-chip stocks tumbled as the market interpreted Greenspan's comments as implying
that the central bank is likely to raise interest rates again- as it has already done
four times since June.

Locally, the resources sector was lower, with the all resources index down 11.3 points to 1194.6.

The all industrials index was 5.8 points firmer to 5559.3.

AAP RTV rt

KEYWORD: AUST STOCKS OPEN (MELBOURNE)

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