Markets off slightly on weak retail reports
Calphalon cookware is displayed at J.C. Penney in late October. The company is reporting a loss in the third quarter from restructuring costs and management transition charges. Weak reports from retailers weighed on the markets Monday, Nov. 14, 2011. Credit: AP
Stocks are opening mixed on Wall Street Monday and then fell slightly as retailers report lower results.
Just before noon, the Dow Jones industrial average is down 33 points to 12,116 with Boeing Co. gaining 2.8 percent to lead the Dow. The aircraft maker said it picked up a new customer, Oman Air, which ordered six 787s. The S&P 500 index is down 8, or 0.6 percent, to 1,256. The Nasdaq composite is down 8, or 0.3 percent, to 2,670.
The euro fell against the dollar and European markets were mostly lower as traders looked ahead to the challenges still facing the region as it tries to contain its debt crisis.
New governments are taking over in Greece and Italy, the two countries currently at the center of the crisis. Italy managed to sell five-year bonds to investors and raise $4.1 billion, but the 6.29 percent interest rate was the highest since 1997.
Stock indexes closed the week higher Friday as it appeared Greece and Italy were making steps toward getting their debt troubles under control. The Dow and the S&P 500 are now positive for the month. The Nasdaq is slightly lower.
No major economic reports are expected Monday.
'I've never seen fire sitting on the water' Three Newsday photographers talk to NewsdayTV's Macy Egeland about covering the tragic crash of TWA Flight 800 in 1996.
'I've never seen fire sitting on the water' Three Newsday photographers talk to NewsdayTV's Macy Egeland about covering the tragic crash of TWA Flight 800 in 1996.
