Thursday 6 November 2008

US stocks opens lower as economic woes mount

Wall Street remains worried about the U.S. economy. Stocks are moderately lower as fresh readings on retail sales and jobless claims fan in
vestors' recession fears.

Retailers are releasing October sales figures that indicate consumers are pulling back their spending sharply. Wal-Mart Stores Inc. reported a better-than-expected rise in October sales but investors are worried about specialty retailers.

A Labor Department report Thursday shows new claims for unemployment benefits dipped by 4,000 to a seasonally adjusted level of 481,000, but that they remain above the 400,000 level that suggests recession.

The Dow Jones industrial average is down 22 at the 9,117 level.

Source: EconomicTimes

Posted by Harsh at 07:40

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