Wall Street Tumbles at Open
Wall Street gave back some of its Tuesday gains at the open today, with declines across the board.
The markets may be responding to the poor employment news released this morning -- the non-farm private sector shed 250,000 jobs in November, the worst month in seven years and about 50,000 more jobs than expected.
This bad news offset some good news from the Labor Department: productivity rose 1.3 percent in the third quarter of this year, after diving 3.6 percent in the second quarter. (Of course, the could mean that employees remaining after waves of layoffs are simply peddling faster.)
Also, mortgage interest rates dropped to their lowest mark in three years sent mortgage applications last week soaring to their highest rate since earlier in the year.
In the first 15 minutes of trading, the Dow is down about 120 points, or 1.5 percent.
The S&P 500 is down about 1.5 percent and the Nasdaq is down about 1.2 percent.
In other news, Ford chief executive Alan Mulally stops by The Post this morning to talk about the billions in aid he and the rest of the Big Three are seeking from Congress and anything else we can think to ask him.
Here at The Ticker, we plan to pepper him for details about his road trip.
Check back here later for our report.
December 3, 2008; 9:50 AM ET
Categories: The Ticker | Tags: Dow Jones, nasdaq, s&p 500
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