Dow Drops 56 in Early Trading
NEW YORK (AP) _ Stock prices are lower in early Wall Street trading. The Dow Jones industrial average is down 56 points. On the New York Stock Exchange, losers hold a nearly 2-1 advantage over gainers.
The Nasdaq Composite Index has lost nine points and the Standard & Poor’s 500 Stock Index is down seven points.
The bears are on the prowl on Wall Street as the trading week begins.
The S&P opened from its lowest level in nearly three years. The Dow is only about two percent above its lowest close of the year and the Nasdaq is just three percent above its low mark for the year.
Markets have been sharply lower in overseas trading, following big declines for Wall Street Friday.
The Nikkei Stock Average fell three percent today in Tokyo. And European markets are down by about 1 to 2 1/2 percent as well.
Analysts say the recent string of poor economic news is fueling fears that the economy is still a long ways away from a turnaround.
There is a fresh corporate earnings warning for the market. Qwest Communications has lowered guidance for the second half of the year, and announced a 6 percent jobs cut.