The markets opened lower ahead of a Senate vote on the $700 billion rescue package to stabilize the banking sector. The Dow lost more than 100 points to 10,737 while Nasdaq dropped 19 points to 2072.
On the upside
Shares of Google (Nasdaq: GOOG) opened higher after Nasdaq corrected errant transactions during end-of-day trading yesterday that showed the stock tumbling 10%.
A Cowen & Company analyst upgraded eHealth (Nasdaq: EHTH).
On the downside
The cost of borrowing at GE Capital (NYSE: GE) rose sharply while the company lobbied lawmakers to approve the proposed $700 billion bailout.
Moody's Investors Service placed Genworth Financial (NYSE: GNW) under review for a downgrade due to a possible spin-off of its mortgage portfolio.
An analyst lowered his opinion on Houston-based electricity provider Reliant Energy (NYSE: RRI) whose shares traded near 5-year lows.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 9 points to 670.
