Market Opens Down on Grim Spending Data

Dow down triple digits, the good times are over
By Kevin Spak,  Newser Staff
Posted Nov 26, 2008 8:58 AM CST
Traders work on the floor of the New York Stock Exchange, Tuesday Nov. 25, 2008.   (AP Photo/Richard Drew)
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(Newser) – Wall Street’s three-day revival screeched to a halt this morning, as the Dow opened down 136 points following a grim consumer spending report. Personal consumption fell 1% in October, the fastest consumers have slammed the brakes on spending in 7 years, the Wall Street Journal reports. Orders for durable goods took their third straight tumble, falling 6.2%.  

A spate of negative earnings news was also on hand, with Tiffany reporting a 57% dip in quarterly profit, while Deere’s quarterly net fell 18%. The S&P fell 1.5% while the Nasdaq declined 1%. Overseas exchanges likewise declined, with the FTSE dow 2.6% and the Nikkei down 1.3%. Hong Kong’s index, however, jumped 3.8%.