European Closing Update: Markets Lower on Dell, U.S. Elections

LONDON -- The prolonged agony of the U.S. presidential election acted like a Chinese water torture, each drip dissolving market optimism and forcing the markets lower. Technology stocks fared even worse after Dell Computer (DELL Quote) said that revenue growth will slow next year.

In the U.K., retailers staged an impressive rally that saved the FTSE 100's blushes, but the index still closed 42 points lower, or 0.7%, at 6400. The Techmark 100 closed down 124 points, or 3.7%, at 3222.

Bookham Technology (BKHM Quote) was hammered again. After Wednesday's earnings, analysts raised a number of reservations, not least of which is its dependence on main customer Nortel Networks(NT Quote). The shares continued their recent precipitous slide to close 14.6%, or 266p, lower at 15.60 ($22.31). The shares have fallen more than 37% in two days and it could presage a drop to a level near its flotation price of 10.00. ...