Trading volumes were thin, with the bond market closed for the Veterans Day holiday. In the latest sign of fallout from the economic upheaval, Chinese import growth slowed in October and inflation fell to a 17-month low as demand cooled. Google GOOG.O slid 2.3 percent to $311.46 on Nasdaq after Goldman Sachs cut its price target and fourth-quarter revenue view for the Internet company. The market’s slide puts it in a precarious position as investors had hoped November would mark the start of a sustained recovery after a disastrous October sent stocks to their lowest in more than five years.
“Everybody’s asking for a handout, but who is going to foot the bill?” People are starting to realize this bailout is going to be much more expensive than originally thought,” Detrick said. American Express, they’re asking for money, GM is asking for money. auto sector securing a desperately needed cash infusion from the government.
General Motors GM.N slid for a fifth straight day, down 13.1 percent at $2.92 as investors worried about the chances of the U.S. FLIP OPEN PANDORA’S BOXĬredit card company American Express Co AXP.N fell 6.6 percent to $22.40, a day after it said it won approval to become a bank holding company, in a move that would give it more access to government money. IXIC slid 35.84 points, or 2.22 percent, to 1,580.90.Īlcoa’s shares dropped 7.1 percent to $10.94 on the New York Stock Exchange, while Starbucks’ shares lost 2.1 percent to $9.99 on the Nasdaq.Īmong industrial companies, Tyco's shares fell 14.2 percent to $21.74, while 3M's MMM.N shares were among the biggest drags on the Dow, falling 4 percent to $62.38. DJI dropped 176.58 points, or 1.99 percent, to 8,693.96, while the Standard & Poor's 500 Index.
And for the consumer, Christmas is not going to be a ‘feel good’ time of year at all,” Detrick said. “All the different bailout plans have only given stocks fleeting boosts and that is beginning to wear on people. The coffee chain operator's stock fell 2 percent after its profit and outlook disappointed investors and it cut plans for to open new shops. Industrial conglomerates slid after Tyco International Ltd TYC.N warned fiscal-year profit would be well below Wall Street's forecasts due to the downturn and the stronger dollar.Īdding to the sour mood, Starbucks Corp SBUX.O provided more evidence that consumers are cutting back in a harsh economic environment. It’s almost like an endless abyss for the market - it’s sell first, ask questions later,” said Ryan Detrick, technical analyst at Schaeffer’s Investment Research in Cincinnati, Ohio.Īlcoa AA.N shares shed 7 percent after the company slashed a further 350,000 tonnes of aluminum-making capacity worldwide, blaming faltering global demand. “Reality is setting in that we are in a recession.
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