Bad news, strong dollar push down stocks at opening
Some bad economic news and a strengthening dollar are pushing down stocks at opening.
In the first 15 minutes of trading, the Dow is down 1 percent.
The broader S&P 500 is down by about the same amount and the tech-heavy Nasdaq is down just a little more, at 1.1 percent.
The markets are facing some early headwinds this morning that are pushing prices down.
In a surprise, McDonald's said its November same-store sales around the globe came in lower than expected. McDonald's, as you'll remember, has been prospering during the recession thanks to the "trade-down effect," with folks choosing the fast-food restaurant over pricier sit-down joints. But the decline in November sales could mean consumers are feeling better about the economy and starting to trade up again.
Also, the markets are feeling the pressure of an unexpected drop in German industrial production in October, which pushed down European markets.
There was some good news this morning, too. FedEx boosted its fourth-quarter outlook based on increased global sales.
Also, United Airlines parent UAL said it is buying 50 wide-body jetliners, 25 from Airbus and 25 of Boeing's oft-delayed 787 Dreamliners. This is great news for Boeing, because a series of setbacks have pushed back delivery of the Dreamliner, on which Boeing has staked much of its future.
-- Frank Ahrens
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December 8, 2009; 9:55 AM ET
Categories: The Ticker | Tags: Dow Jones, nasdaq, s&p 500
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