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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  December 9, 2008; 9:46 AM ET
Categories:  The Ticker  | Tags: Dow Jones, Fannie, Freddie, nasdaq, s&p 500  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Dec. 8, 2008
Next: Rep. Waxman Starts Beating Up On Fannie, Freddie Execs

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