- Investors got spooked and October had a Halloween-like finish for the stock market, with the key averages finishing lower. In the latest session, the Dow fell 250 to 9,713. The S&P dropped 30 and the Nasdaq was down 52 points.
- A busy week begins with a rush of economic data. Reports are due today on manufacturing, pending home sales and construction spending.
- CIT is stressing that its lending operations will continue as it heads into bankruptcy protection, with the hope of wiping out $10 billion in debt. The small and mid-size business lender's filing will likely mean taxpayers will lose the $2.3 billion sunk into CIT last year.
- Oil prices have slipped below $77 a barrel in Asia after dropping nearly $3 Friday. Prices plunged before the weekend as the dollar gained and after news U.S. consumer spending and confidence had fallen in September.
- Microsoft CEO Steve Ballmer says corporate spending on information technology won't recover to pre-economic meltdown levels. In a meeting of South Korean executives in Seoul, Ballmer calls the economic crisis "once in a lifetime," and says IT "will see growth," but it won't see recovery.
11/02/2009 7:32 AM
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