Irish stock markets down

After the sell off yesterday, US stock markets managed to stem their losses and Wall Street showed modest gains by noon today.

The Nasdaq index was up by a third of one percent and the Dow Jones was up by a quarter of one percent.

American airline stocks were battered yesterday but they clawed back some of this today thanks to a Government bail-out.

The European stock markets closed at one to one and a half percent up. The UK joined in by cutting its interest rate by one quarter percent but the FTSE 100 index closed at one percent down.

In Dublin there was no respite and the ISEC closed at three quarter of one percent down. Ryanair shares managed to gain slightly and closed at €8.60 cent.

The Irish pound was worth 1.13 US dollars.