Stocks Sink on Record Retail Plunge

Host of negative news hurts markets
By Kevin Spak,  Newser Staff
Posted Nov 14, 2008 8:46 AM CST
President George Bush fills the screens as trader Robert Moran uses his handheld device on the floor of the New York Stock Exchange Thursday, Nov. 13, 2008.   (AP Photo/Richard Drew)
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(Newser) – Stocks tumbled at the open today, after a raft of negative news overshadowed yesterday’s big rally. The Dow fell 128 points, while the Nasdaq and S&P shed 2% and 1.8% respectively. The Dow shot up more than 500 points yesterday, but today brought a dismal quarterly report from Freddie Mac, a slashed outlook from Nokia, and a record decline in retail sales in October.

Job losses also mounted, with Sun Microsystems announcing layoffs for up to 18% of its workforce, and Citigroup cutting at least 10,000 jobs. Those developments could further cut into retail sales, which fell a record 2.8% last month, according to a government report out today. Nokia’s slashed outlook came with a warning of a “rapid change” in consumer behavior. Nokia fell 12% in premarket trading.