Stocks Edge Down Ahead of Earnings

Dow off 50 in early trading; first reports due late today
By Kevin Spak,  Newser Staff
Posted Jan 12, 2009 9:04 AM CST
Stocks Edge Down Ahead of Earnings
Traders confer on the floor of the New York Stock Exchange Thursday, Jan. 8, 2009   (AP Photo/Richard Drew)

Stocks moved lower at today’s open as traders held their collective breath ahead of what’s expected to be a dismal earning season, the Wall Street Journal reports. The Dow was down 50 points recently, to 8,548, while the S&P and Nasdaq dipped 0.95% and 0.78% respectively. All eyes are on Alcoa, which will begin earnings season by reporting after the bell today.

Citigroup shares were also sliding, down 8% on news that it could sell a controlling stake in Smith Barney to Morgan Stanley. Abbott Laboratories dropped 0.5% after agreeing to acquire Advanced Medical Optics. Crude oil, meanwhile, fell more than $2, and recently traded around $38 a barrel. (Read more stock market stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X