The Australian share market has finished lower today following new concerns about the health of the United States economy. The All Ordinaries Index dropped 35 points to 6,357 and the ASX 200 slipped 29 points to 6,371.
US stocks halted their gains after Federal Reserve chairman Ben Bernanke said the downturn in the housing sector may escalate.
Wall Street was also driven down by a weak US dollar and record oil prices which have sparked concerns about inflation in the world's largest economy.
Australian stocks exposed to the US economy leading the losses led today's losses.
James Hardie Industries lost 2.1 per cent to $7.21 cents. Westfield was down 29 cents to $21.30.
All the major banks ended the day lower with National Australia Bank (NAB) the most affected, down 50 cents to $37.49. Macquarie Bank shed 40 cents to $77.
In the resources sector, oil stocks rose after the price of oil hit another record high above $US84 a barrel.
Currently, a barrel of West Texas Intermediate is trading at $US83.85. Woodside Petroleum gained 85 cents to $49.22.
Lihir Gold added five cents to $US3.84 after the price of the precious metal hit a 28-year high.
Spot gold was fetching $US737 an ounce.
The Australian dollar rose to an eight-week high against the US dollar and at 5:00pm AEST it was trading at 86.98 US cents.
It was also buying 99 Japanese yen, 43 British pence and 61 euro cents. © 2007 Australian Broadcasting Corporation
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