NEW YORK (AP) — Stocks plunged at the opening of trading on Wall Street this morning. The Dow, S&P 500 and the Nasdaq composite all lost 2 percent in the first 15 minutes, before losses started to moderate. The blue chip index was down as much as 370 points at the start, but after the first hour was about 150 points lower. Traders have been fleeing risky assets and piling into bonds.
CHARLOTTE, N.C. (AP) — Bank of America’s latest quarterly numbers are down. The bank’s chief financial officer says a settlement with the government over the sale of mortgage-backed securities hit hard. Bank of America reports a net income of $168 million. That compares with $2.5 billion in the same period last year. On a per-share basis, the bank says it lost 1 cent after making a profit of 20 cents per share last year. On Wall Street, Bank of America shares are down about 2 percent in morning trading.
WASHINGTON (AP) — Retailers have seen a sales slowdown. The Commerce Department says seasonally adjusted retail sales dropped 0.3 percent in September as August’s surge in auto-buying tailed off and lower gas prices cut into sales at service stations. Spending on clothing and building materials also slowed. The declines were partially offset by more shopping at electronics stores.
WASHINGTON (AP) — Inflation remains low. In fact, the Labor Department says the cost of goods and services before they reach consumer dropped in September, with the producer price index down 0.1 percent. Wholesale gas prices dropped 2.6 percent, while food costs fell 0.7 percent because of lower prices for corn, soybeans and meats.
WASHINGTON (AP) — U.S. businesses have been increasing their stockpiles, but not by much. The Commerce Department says inventories edged up a slight 0.2 percent in August, the smallest amount in more than a year. Meanwhile, business sales fell 0.4 percent in August. When companies add goods to their stockpiles, it typically reflects optimism about future demand.
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