Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Markets Open Sharply Down

Wall Street opened sharply down across the board on a poor earnings report from industrial giant General Electric.

In the first 15 minutes of trading, the Dow was off about 170 points, or 2 percent.

The S&P 500 and Nasdaq had both slightly recouped opening losses that drove them down more than 2 percent and were both down less than 2 percent.

GE reported its fourth-quarter earnings before the markets opened this morning, and the news was bad: Profit was down 46 percent, as the recession has crippled lending at the GE Capital unit.

The poor performance of GE Capital offset growth in the company's other units: Revenue was up 2 percent in the GE division that makes jet engines, up 20 percent in the division that makes locomotives and up 21 percent in the division that makes power plant turbines.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 23, 2009; 9:49 AM ET
Categories:  The Ticker  | Tags: Dow Jones, GE, nasdaq, s&p 500  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: House Blocks Second $350 Billion of Bailout to No Effect
Next: Xerox, Others Drag Down Markets

No comments have been posted to this entry.

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company