BusinessCompany NewsMarkets shudder as O’Neill resigns

Markets shudder as O'Neill resigns

The surprise decision by US Treasury secretary Paul O'Neill to tender his resignation, along with that of his top economic adviser, has seen world stock markets shed some of their value.

Link: O’Neill backs Brown all the way

O’Neill tendered his resignation today – just ten days ago he visited the UK where he voiced his support for the way Gordon Brown was running the UK economy.

According to CNN, the White House had requested the resignation of O’Neill and Larry Lindsey, the director of the National Economic Council, although the Bush administration has refused to comment directly on this, other than to thank the two men for their service.

In London, the benchmark FTSE 100 fell almost 52 points to 3980, following the announcement, which was made at 2:40pm GMT.

The Dow Jones in New York was down 63 points to 8542 this afternoon, after falling well over 100 points at its opening, while technology index, the NASDAQ, was last down 10 points to 1402.

In his resignation letter to president Bush, O’Neill said: ‘It has been a privilege to serve the Nation during these challenging times. I thank you for that opportunity.’

According to reports, he is expected to step down in about three weeks’ time after two years in the job.

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