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Posted: 10:57 AM Oct 8, 2008
Declines Seen abroad, U.S. Stocks in Choppy Trade
Stock prices have seen more volatile trade on Wall Street, moving between positive and negative territory so far today.
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Trader David O'Day works on the floor of the New York Stock Exchange before the closing bell, Friday Oct. 3, 2008. Stocks ended a volatile week with another sell-off Friday while credit markets remained strained after enthusiasm over the government's $700 billion financial rescue plan gave way to worries about obstacles still facing the economy. (AP Photo/Richard Drew)
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NEW YORK (AP) -- Stock prices have seen more volatile trade on Wall Street, moving between positive and negative territory so far today.
The Dow Jones industrial average is down 126 points at 9,320. Decliners on the New York Stock Exchange hold a 3 to 1 lead over advancers.
The Nasdaq Composite Index is down 5 points at 1,748.
And the Standard-and Poor's 500 Stock Index is down 11 points at 985.
Trading on the New York Stock Exchange during the first two hours totaled 3 billion shares. Volume on the Nasdaq Market came to 1.3 billion shares.
Before the opening bell, the Federal Reserve was joined by other central banks in cutting benchmark interest rates. Analysts call it another needed step aimed at breaking the credit crunch that has put a stranglehold on the global economy.
As a demonstration of those troubles, retailers reported generally downbeat September sales numbers this morning.
Before the rate cuts were announced, overseas markets were seeing dramatic declines, including a 9 percent drop in Tokyo.
The British government announced an 87 billion-dollar plan to partly nationalize major banks, with taxpayers taking stakes in a bid to shore up the financial sector.
