U.S. stocks opened lower following grim October retail sales reports, a rise in jobless claims, and less than stellar earnings from Cisco Systems. Rate cuts over seas did little to improve investors sentiment. The Dow Jones Industrial Average fell 54 points to 9,084. The S&P 500 declined 8 points to 944, while the Nasdaq Composite shed 13 points to 1,668.12. Cisco is down 3% even though they beat estimates. The techs in general are trading lower. Yahoo is up on rumors of a buy out. Most of the financials are modestly higher after getting clobbered yesterday. Wells Fargo is lower afteissuingng more shares. Blackstone is down 9% on a wider quarterly loss. More rumors of big job cuts coming from Goldman Sachs and Citigroup. Morgan Stanley believes Goldman will report a fourth quarter loss. The retailers are holding in there even though October sales were awful. Gap is up 4% after maintaining guidance. More earnings keep coming in from Budweiser, Cedar Fair, Auto Nation, Ruth Chris Steakhouse, Whole Foods, National Financial Partners, Huntsman, Tyco Electronics, Imax, and Office Max. Toyota is down 14% following disappointing earnings. Through the first hour, the Dow fell to new lows over 175 points below 9000. Here we go again. The Nasdaq declined 32 points. Through the morning and into the afternoon, the averages remained weak. The Dow fell 400 points, 900 points in the last two days. The Nasdaq declined 62 pointts. Entering the last hour, the averages remained near the lows of the day and then pushed lower into the close. The Dow Jones Industrial Average shed 443 points, or 4.9%, to 8,695. The S&P 500 declined 47 points, or 5%, to 904, while the Nasdaq Composite dropped 72 points, or 4.3%, to end at 1,608. A declined of 10% in two days. Not good.
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