The markets opened lower following news that retail sales fell 1.2% in September due to weak consumer sales. The Dow lost nearly 300 points to 9025 while Nasdaq fell 35 points to 1744.
On the upside
JPMorgan Chase (NYSE: JPM) posted sharply lower profits as revenues fell. However, the results beat lowered expectations.
Wells Fargo (NYSE: WFC) announced lower 3rd quarter earnings as it prepared for the acquisition of Wachovia Bank (NYSE: WB).
Hudson City Bancorp (Nasdaq: HCBK) posted higher earnings avoiding the loan losses affecting other banks.
On the downside
Chipmaker Linear Technology (Nasdaq: LLTC) posted better than expected 1st quarter results, but lowered its outlook for the 2nd quarter.
Oil prices fell below $80 a barrel. Shares of Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) also dropped.
Shares of Jones Apparel Group (NYSE: JNY) fell to multi-year lows after the apparel maker lowered its profit outlook.
In the broad market, declining issues outpaced advancers by a margin
of 7 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 23 points to 530.
