Wed, January 07, 2009
NEW YORK - US stocks fell at the open on Wednesday as technology bellwether Intel Corp warned about its outlook, adding to the gloomy mood following a report showed 693,000 private-sector U.S. jobs were lost in December.
The gloom from the ADP private sector employment report presented a major headwind for the market, two days before the key December U.S. nonfarm payrolls report.
In another sign of tough economic times, Alcoa Inc., a Dow component, announced after the bell on Tuesday it would slash 15,000 jobs and cut capital spending
The Dow Jones industrial average slumped 145.44 points, or 1.61 percent, at 8,869.66. The Standard & Poor's 500 Index dropped 14.29 points, or 1.53 percent, at 920.41. The Nasdaq Composite Index lost 28.71 points, or 1.74 percent, at 1,623.67.
(Agencies)
