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Stock market closes in the red

The Australian share market closed in the red on Tuesday, defying firmer commodity prices and a positive lead from the US overnight amid expectations that interest rates will be cut for the second time in a fortnight. The S&P/ASX200 index finished down 143.8 points, or 2.45 per cent, to 5,716.5 and the All Ordinaries had fallen 131.8 points, or 2.24 per cent, to 5,754.5. On the Sydney Futures Exchange, the March share price index contract was down 125 points to 5,721 on 36,172 contracts. MF Global senior trader Anthony Anderson said trading volumes were thin as fears of a slowing US economy continued.

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