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.
January 23, 2009; 9:49 AM ET
Categories: The Ticker | Tags: Dow Jones, GE, nasdaq, s&p 500
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