U.S. stocks opened lower on Monday, with industrial shares down the most, with equities continuing a negative correlation to the dollar, which edged higher. The Dow Jones Industrial Average fell 47 points to 9,964. The S&P 500 Index declined 3 points to 1,062. The Nasdaq Composite shed 5 points to 2,135. The financials and insurance stocks are leading the downward sell off. CNA Financial beat estimates this morning, but the stock is lower. Visa and Mastercard are bucking the trend, trading higher. CIT Group is up 4% after hiring John Thain. Mr. Thain has been in hiding since selling Merrill Lynch. A number of techs are trading higher. Apple, Amazon, Motorola, Google, and Computer Sciences are higher on upgrades. Jaffray made positive comments on Research in Motion, but the stock is modestly lower. Broadcom and Nvidia are lower on upgrades. On the earnings front CVS Caremark and Hasbro are jumping over 5% following earnings. Loews is down a percent after missing estimates. In the retail space Autozone and Home Depot are both up over 2% on upgrades. After the first hour the Nasdaq moved into the green while the Dow recovered. Dow components Disney and Exxon Mobil are higher on upgrades. The commodity stocks are modestly higher this morning. Through the morning the averages vascillated back in forth, but slowly improving. The financials remain one of the weakest sectors. In the afternoon, the averages sold back off led by the financials. In last hour the selling accelerated led by the financials and everything else. The Dow Jones Industrial Average finished down 103 points, or 1%, at 9,908. The S&P 500 lost 9 points to 1,056. The Nasdaq Composite sank 15 points to 2,126.
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