Bears Reign in Early Trading

Dow down triple digits again
By Kevin Spak,  Newser Staff
Posted Nov 11, 2008 8:57 AM CST
Bears Reign in Early Trading
Traders on the floor of the New York Stock Exchange surround the post that handles Wells Fargo, after the closing bell Friday, Nov. 7, 2008.   (AP Photo/Richard Drew)

(Newser) – Stocks were trudging downward again this morning, as investors turned a pessimistic eye towards upcoming earnings reports. The Dow was off 217 points a half-hour into the session, while the Nasdaq and S&P traced 33- and 20-point declines of their own. Those declines mirrored moves overseas, with European benchmarks shedding 2% by midday, and Tokyo’s Nikkei falling 3%.

In earnings news, Toll Brothers said revenue had dropped 41% in the fourth quarter, and declined to give guidance for next quarter, while Starbucks saw net income fall a worse-than-expected 97%. Goldman Sachs, meanwhile, is expected to post its first-ever quarterly loss later today. (Read more stock market stories.)

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