Wall Street Opens Up Slightly Before Falling
In the first 25 minutes of trading, stocks were up higher, but by 10 a.m. the Dow industrial appears flat after falling into negative territory by as much as 30 points. The Standard & Poor's 500 and the Nasdaq are both flat, down a couple of points.
Oil is trading at $38 a barrel.
Before the opening bell, investors digested some economic and corporate news this morning. The number of workers filing new claims for unemployment benefits fell slightly last week to 21,000 to a seasonally adjusted 554,000 for the week that ended Dec. 13, the Associated Press reports. Jobless claims are still more than 200,000 higher than a year ago, according to Labor Department figures.
In other news, FedEx is cutting costs, including its CEO pay, in response to weak shipping demand. Chief executive Fred Smith will take a 20 percent salary reduction and other senior executives will reduce their pay by up to 10 percent, the AP says. The company is foregoing bonuses and suspending company matching for its 401(k) plan.
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