Stocks Open Lower After Yesterday's Surge
Stocks opened lower this morning as investors seemed to lose their enthusiasm over yesterday's interest-rate cut by the Federal Reserve. In early trading, investors were reminded of worsening economic conditions and dismal company performances.
After the Dow Jones Industrial average jumped 4 percent yesterday and other indexes surged 5 percent, investors took a step back in early trading. After five minutes of trading, the Dow Jones was down 1.2 percent, while the Standard & Poor's 500 and Nasdaq were both down about 1.5 percent.
This morning Morgan Stanley posted a loss of $2.37 billion, or $2.34 per share, for its fiscal fourth quarter, a loss greater than what was expected. Morgan Stanley's loss comes just a day after Goldman Sachs reported its first quarterly loss since it went public in 1999. Morgan Stanley shares were down about 6 percent in early trading.
Also this morning, the Commerce Department said the current account trade deficit fell by 3.7 percent to $174.1 billion in the July-September quarter. That is better than the $178.8 billion deficit economists had expected.
December 17, 2008; 9:45 AM ET
Categories: The Ticker
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