U.S. stocks opened lower on Monday following weakness overseas. The Dow Jones Industrial Average slid 68 points to 8,694. McDonald's is lower by 3% after warning that second quarter profits could be cut due to fluctuating exchange rates. DuPont is lower by 4% due to concerns of their exposure to GM. The S&P 500 shed 7 points to 932, while the Nasdaq Composite slipped 19 points to 1,829. Very few stocks are trading higher. The financials are trying to hold in there. Many of the top banks are now allowed to pay back TARP money. Blackrock is modestly higher on rumors they will buy Barclays asset management division. M&T Bank made positive comments, however the stock is lower. Metlife is higher on an upgrade, while Allstate is higher on a positive article in Barrons. The techs are all lower. No upgrades for Google, Apple, or Research in Motion. Google was actually downgraded. The retail space is quiet. General Mills is jumping 5% after raising their outlook. Decker Outdoors is up 2% after initiating a share buyback. Talbots was upgraded and has indicated they will sell J. Jill. The stock is unchanged. William Sonoma is up one percent on a upgrade, while Home Depot is modestly lower on a favorable article in Barrons. After the first half an hour, the Dow was down 95 points. The Nasdaq declined 24 points. The banks are starting to show some life. Through the morning the averages remained weak with only the banks showing some life. Oppenheimer upgraded both Goldman Sachs and Morgan Stanley. In the afternoon, the averages remained weak until the last hour. In the last hour, the averages recovered all their losses, rallying 50 points before falling back to the unchanged level. The Dow Jones Industrial Average finished up a point at 8,764. The S&P 500 Index fell nearly a point to 939, while the Nasdaq Composite ended at 1,842, off 7 points for the day.
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