Wall Street Unmoved by G-20, Opens Poorly
Unimpressed with the G-20's actions, or lack thereof, over the weekend and further depressed by the massive Citigroup layoffs, Wall Street opened down across the board this morning.
In the first 15 minutes of trading, the Dow Jones industrial average is down about 160 points, or 1.7 percent.
The S&P 500 is down 1.7 percent and the Nasdaq is down 1.3 percent.
Traders are expecting some sort of positive news for U.S. automakers from Capitol Hill today, as Congress reconvenes in lame-duck session and plans to unveil a retooled auto bailout bill.
As a result, shares of GM were trading up about 8 percent in the market's opening minutes. In related news, GM said it will sell its stake in Suzuki to raise a much-needed $230 million. GM is burning cash at a rate of $2 billion per month.
Shares of Ford also are up, but less than GM.
In other news, Lowe's third-quarter profit fell 24 percent (but still beat street estimates) as, predictably, homeowners put off improvement projects and expensive items, such as refrigerators.
It didn't take a genius to see that coming, but it explains why super-investor Warren Buffett trimmed his Lowe's holdings (Home Depot, too), as reported Friday.
-- Frank Ahrens
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