Stocks Saunter Downward

Mild drop as investors hold breath
By Kevin Spak,  Newser Staff
Posted Dec 9, 2008 8:59 AM CST
Traders work on the floor of the New York Stock Exchange Monday, Dec. 8, 2008.   (AP Photo/Richard Drew)
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(Newser) – Stocks dipped at the open today, as investors digested downbeat corporate news while awaiting an auto bailout. The Dow fell as much as 145; the Nasdaq and S&P were off 1.3% and 1.4%, respectively. Auto shares retreated after yesterday’s gains, the Wall Street Journal reports, with General Motors and Ford dropping 5.5% and 7.5%, respectively, on news the government would likely demand shares for its help.

The tech sector took a hit, after Texas Instruments slashed its forecast and Sony announced a 5% cut in its workforce; TI shares were down 2.2% pre-market. FedEx also cut its forecast, and was met with a 9.5% pre-market decline.