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Retail Fears Drive Stocks Down

Same-store sales weak in October

By Kevin Spak, Newser Staff

Posted Nov 6, 2008 8:51 AM CST

(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.

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)

The screens of specialist Martin Albanese, right, are reflected in his glasses as he works at his post on the floor of the New York Stock Exchange Wednesday, Nov. 5, 2008. (AP Photo/Richard Drew)

Specialist Elizabeth Rose looks at a screen at her post on the floor of the New York Stock Exchange, Wednesday, Nov. 5, 2008. (AP Photo/Richard Drew)

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Retail Fears Drive Stocks Down

Same-store sales weak in October

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Euro Central Banks Slash Interest Rates

Bank of England drops rate to 2%, ECB to 2.5%, Sweden to 2%

'Race to Zero' Under Way as Central Banks Cut Rates

With Fed at 1% and European, Asian banks trimming, no-interest loans not far off, perhaps

UK Hacks Rates by 1.5% as Markets Fall; EU Trims .5%

Grimmer-than-expected economic news pummels the global economy

Fed Joins 5 Central Banks in Shock Rate Cut

US, EU, UK, others offer 50-point reduction to reverse diving markets

UK Cuts Interest Rates, But EU Holds Steady

Subprime woes force first rate cut in Britain in over two years

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Retail Fears Drive Stocks Down

Same-store sales weak in October

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OTHER STORIES ON OUR RADAR

stock market • Cisco • European Central Bank • retail sales • Bank of England • same-store sales • interest rate cut • retailers

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Euro Central Banks Slash Interest Rates

Bank of England drops rate to 2%, ECB to 2.5%, Sweden to 2%

'Race to Zero' Under Way as Central Banks Cut Rates

With Fed at 1% and European, Asian banks trimming, no-interest loans not far off, perhaps

UK Hacks Rates by 1.5% as Markets Fall; EU Trims .5%

Grimmer-than-expected economic news pummels the global economy

Fed Joins 5 Central Banks in Shock Rate Cut

US, EU, UK, others offer 50-point reduction to reverse diving markets

UK Cuts Interest Rates, But EU Holds Steady

Subprime woes force first rate cut in Britain in over two years

About Us

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Newser By Users

Community

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