Bears Reign in Early Trading

Dow down triple digits again
By Kevin Spak,  Newser Staff
Posted Nov 11, 2008 8:57 AM CST
Traders on the floor of the New York Stock Exchange surround the post that handles Wells Fargo, after the closing bell Friday, Nov. 7, 2008.   (AP Photo/Richard Drew)
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(Newser) – Stocks were trudging downward again this morning, as investors turned a pessimistic eye towards upcoming earnings reports. The Dow was off 217 points a half-hour into the session, while the Nasdaq and S&P traced 33- and 20-point declines of their own. Those declines mirrored moves overseas, with European benchmarks shedding 2% by midday, and Tokyo’s Nikkei falling 3%.

In earnings news, Toll Brothers said revenue had dropped 41% in the fourth quarter, and declined to give guidance for next quarter, while Starbucks saw net income fall a worse-than-expected 97%. Goldman Sachs, meanwhile, is expected to post its first-ever quarterly loss later today.