Bad News Drives Down Wall Street Open
Some bad employment and economic news pushed down the markets at opening following the two-day rally.
Sony said this morning that it would cut a total of 16,000 jobs (8,000 full-time, 8,000 part-time/seasonal), Texas Instruments warned of fourth-quarter deterioration and FedEx cut its 2009 earnings forecast.
As such, in the first 15 minutes of trading, the Dow is down about 100 points, or 1 percent.
The S&P 500 and the Nasdaq are both down about 1 percent.
Former executives from Fannie Mae and Freddie Mac get their beating on before Rep. Henry Waxman's (D-Calif.) Oversight committee this morning at 10 a.m. Former Fannie chief executive Franklin Raines is scheduled to testify.
Earlier this year, Raines agreed to relinquish some $24.7 million in assets to the government to settle his role in a 2004 accounting scandal at Fannie.
Check back here for details.
December 9, 2008; 9:46 AM ET
Categories: The Ticker | Tags: Dow Jones, Fannie, Freddie, nasdaq, s&p 500
Save & Share: Previous: Dec. 8, 2008
Next: Rep. Waxman Starts Beating Up On Fannie, Freddie Execs
The comments to this entry are closed.