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Stocks Sink on Record Retail Plunge

Host of negative news hurts markets
By Kevin Spak,  Newser Staff
Posted Nov 14, 2008 8:46 AM CST
Stocks Sink on Record Retail Plunge
President George Bush fills the screens as trader Robert Moran uses his handheld device on the floor of the New York Stock Exchange Thursday, Nov. 13, 2008.   (AP Photo/Richard Drew)

(Newser) – Stocks tumbled at the open today, after a raft of negative news overshadowed yesterday’s big rally. The Dow fell 128 points, while the Nasdaq and S&P shed 2% and 1.8% respectively. The Dow shot up more than 500 points yesterday, but today brought a dismal quarterly report from Freddie Mac, a slashed outlook from Nokia, and a record decline in retail sales in October.

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Job losses also mounted, with Sun Microsystems announcing layoffs for up to 18% of its workforce, and Citigroup cutting at least 10,000 jobs. Those developments could further cut into retail sales, which fell a record 2.8% last month, according to a government report out today. Nokia’s slashed outlook came with a warning of a “rapid change” in consumer behavior. Nokia fell 12% in premarket trading. (Read more stock market stories.)

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