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FTSE falls to 2-year low
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March 13, 2001: 1:36 p.m. ET
European stocks slide; Cable and Wireless knocks 16 points off UK index
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LONDON (CNN) - Europe's major stock markets finished sharply lower on Tuesday, with London's FTSE plunging to its lowest close in more than two years.
The FTSE fell 1.8 percent, or 105.8 points, to 5,720.7, falling for a third straight session to its lowest close since December 1998.
 Telecom operator Cable and Wireless (CW-) was the leading decliner, plummeting 20 percent after issuing a profit warning. That alone knocked 16 points off the index.
Colt Telecom (CTM), Telewest Communications (TWT) and Energis (ENGSY) also fell heavily on the day. Colt retreated by 7.2 percent, Energis plunged 11 percent, and Telewest sank 4.4 percent.
The FTSE 100 lost a further 25 points with falls in the heavyweight oil duo of BP (BP-A) and Shell (SHEL), which both lost almost 3 percent as crude oil prices slid further.
In Paris, the CAC 40 blue-chip index lost 1.1 percent, or 55.53 points, to end the day at 5,186.87.
Frankfurt's electronically traded Xetra Dax dropped 1.8 percent, or 111.24 points, to 5,935.07, led by electronics and phone equipment maker Siemens (FSIE) which declined more than 3 percent after it too issued a profit warning.
In Amsterdam the AEX index closed 1 percent down, and the SMI in Zurich finished down 0.26 percent, recovering from being 1.1 percent lower earlier.
The main indices had trimmed earlier losses, as New York's Nasdaq edged higher in early trade, heartened by poor U.S. retail data which prompted hopes of an interest cut next week.
Chip companies bucked the downward trend across Europe. British chip designer Arm Holdings (ARM) put on a spurt to close 7.8 percent higher after being 6 percent down in morning trade in London.
French chip maker STMicroelectron (PSTM) ended 3 percent higher, and Germany's Infineon (FIFX) finished up 2.6 percent. 
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