Markets Sharply Off at Opening
Well, so much for the Goldman Sachs rally.
Traders expected that yesterday's strong after-close first-quarter earnings news from Goldman would rally the markets at today's opening, as Wall Street would be cheered by more good news from the troubled financial sector (following last week's surprise $3 billion profit from Wells Fargo).
Well, between then and now, some Real Economy/Main Street news upset the apple cart: Retail spending was down in March and wholesale prices were up.
Accordingly, in the first 15 minutes of trading, the Dow is down 116 points, or about 1.3 percent.
The broader S&P 500 is also down about 1.3 percent and the tech-heavy Nasdaq is down about 1 percent.
-- Frank Ahrens
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By
Frank Ahrens
|
April 14, 2009; 9:56 AM ET
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The Ticker
| Tags: Dow Jones, Goldman Sachs, nasdaq, s&p 500
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