Retail Fears Drive Stocks Down

Same-store sales weak in October
By Kevin Spak,  Newser Staff
Posted Nov 6, 2008 8:51 AM CST
A specialist holds his head in his hands at his post on the floor of the New York Stock Exchange Wednesday, Nov. 5, 2008.   (AP Photo/Richard Drew)
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(Newser) – Stocks took a modest slide at the open today, thanks to dismal data from retailers. The Dow fell 57 points, while the Nasdaq and S&P dropped 1.1% and 0.9% respectively, the Wall Street Journal reports. Most retailers, with the notable exception of Wal-Mart, posted bleak same-store sales for October, which, combined with Cisco slashing its current-quarter estimates, overshadowed any bump from European rate cuts.

The European Central Bank slashed its benchmark by half a point, to 3.75%, while the Bank of England lopped a whopping 1.5% off its rate, bringing it to 3%. But the moves didn’t appear to cheer European stocks, which also are trading lower. Oil, meanwhile, fell 69 cents to $64.61 a barrel.