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| UK Market Update Archive: |
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Economy Slows in Q4, Stocks Fell
Jan 23, 2:26 PM EST |
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| UK economic growth in the fourth quarter on the weakness in retail and service sectors. Banks rallied on comments on Northern Rock. |
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| UK stocks closed lower after the economic report showed slower growth in the fourth quarter. Growth slowed to 0.6% from 0.7% in the third quarter on weakness in service and retail sectors. FTSE 100 dropped 2.28% or 130.80 to 5,609.3. Of the 102 index stocks, 27 gained, 74 declined, and one was unchanged. Banks rallied after the government indicated that depositors of Northern Rock will be protected in in a private sale, indicating that the lender is not likely to be nationalized. |
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