Stocks Drop on Citi, Retail Woes

By Kevin Spak,  Newser Staff
Posted Nov 17, 2008 8:49 AM CST
Traders work on the floor of the New York Stock Exchange Friday, Nov. 14, 2008.    (AP Photo/Richard Drew)
camera-icon View 2 more images

(Newser) – Stocks slid at the open, as Citigroup slashed jobs and retailers reported yet more disappointing results. The Dow lost 160 points, while the S&P and Nasdaq dropped 1.8% and 1.5% respectively. Among the big drops were Target and Lowe’s, which each took a 24% hit to their third-quarter nets. Target shares dipped 3%, while Lowe's plunged 34%.

Citigroup meanwhile announced that it plans to lay off more than 50,000 workers, cutting its workforce by 14%. Citi fell roughly 5% at the open. The dollar fell slightly and interbank lending rates increased, after the G-20 summit delivered no real surprises or concrete fixes. Overseas, the FTSE dropped 1.4%, while the Nikkei fell 0.7%.