The markets opened lower as investors took profits due to continued worries about the global economy. Oil prices dropped to the $58 a barrel level. The Dow lost nearly 200 points to 8675 while Nasdaq lost 40 points to 1555.
On the upside
China-based Fuqi International (Nasdaq: FUQI) posted higher jewelry sales and posted results that beat expectations.Shares of bond insurer Assured Guaranty (NYSE: AGO) rose after the company announced the purchase of the insurance business of Financial Security Assurance Holdings from Belgian-French financial services group Dexia SA for $722 million.
On the downside
Retailers continued to struggle with Department-store operator J.C. Penney (NYSE: JCP) posting profits that fell in half and lowering its 4th quarter outlook.
Sun Microsystems (Nasdaq: JAVA) announced job cuts of to 6000 positions in order to cut costs.
Boeing (NYSE: BA) announced a delay in the production and delivery of 747-8 freighter and intercontinental airplanes.
In the broad market, declining issues outpaced advancers by a margin
of nearly 4 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell
2000 which tracks small cap stocks tumbled 20 points to 470.
