Vodafone announced this morning that it is continuing to monitor developments in the US market and is exploring whether a potential transaction with AT&T Wireless is in the interests of its shareholders.

The Dow Jones industrial average closed down 92.59, or 0.9%, at 10,609.92.

Wall Street pulled back in late-day selling today after investors, still worrying that the market’s advance might have come too fast, decided to collect profits.

Leading shares in London remained low following Wall Street's dive on Friday, triggered by profits warnings, and as the insurers succumbed to a welter of worrying news, upsetting sentiment in the wider financial sector.

IRISH stocks were mixed yesterday with the ISEQ index failing to extend Thursday’s gains, closing 19.07 points lower at 3995.25.

WorldCom, the US telecoms giant, became the biggest bankrupt in history today, but the company’s chief executive said it would have no effect on the company’s customers.

A bleak earnings forecast from Ericsson brought out more sceptics on Wall Street today, triggering a sharp stock sell-off amid concerns that business isn’t strong enough to justify higher stock prices.