With most of Europe's bourses closed for a public holiday volumes remained light on the Irish market. The ISEQ shed 106 points to 6,240 on profit taking after strong recent gains.
Weaker than expected US unemployment also dampened the mood on Wall Street ahead of a major speech by Fed chairman Mr Alan Greenspan later this evening.
AIB shed 32 cents to euro 12.91 Bank of Ireland eased 19 cents to euro 11.63 while IL&P fell 6 cents to euro 13.45.
Elan lost euro 1.75 after a weak opening on Wall Street. Data showing US long term unemployment is now at a seven-year high revived fears of a US Recession.
In London the FTSE 100 gave up earlier gains after losses on Wall Street and general weakness in the technology sector.
The FTSE 100 closed 18.5 higher at 5,915.9, having reached a high of 5,950.0 in the early trade. Volume was light ahead of the upcoming bank holiday weekend in Britain.
US were mixed at midday, as early gains were lost to jitters over the economy while a political shake-up in Washington took its toll on certain sectors.
The Dow Jones Industrial Average was down 27.27 at 11,078.24, while the Nasdaq Composite was up 5.24 at 2,248. The S&P 500 index was 3.93 lower at 1,285.12