Stocks Slip on Bailout Jitters

By Kevin Spak,  Newser Staff
Posted Feb 10, 2009 8:53 AM CST
In this Jan. 30, 2009 file photo, a trader leans on a phone post on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, file)
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(Newser) – Stocks took a dip at the open today, as investors awaited news on how the remaining $350 billion of the $700 billion bank rescue will be spent. The Dow shed 56 points, while the Nasdaq and S&P inched down 0.2% and 0.7%, respectively. GM’s shares were up 2.5% after it announced a 14% reduction in its salaried workforce. UBS announced that it was cutting 2,200 jobs, and was likewise rewarded, with shares soaring 8.6%.