The stock market extends it declines and then recovers a bit. The
energy sector (+1.1%) is providing leadership as crude oil prices
($58.28, +2.2%) rebound into the green.
The financial sector (-2.0%) is the main laggard. This morning
Citigroup (C 9.20, -0.30) said it will cut 52,000 jobs from its 352,000
workforce. Citi has already cut roughly 36,000 positions in 2008.
Meanwhile, there were reports that JPMorgan Chase (JPM 33.83, -0.64) is
mulling job cuts.
In earnings news, Lowe's (LOW 14.64, +0.41) topped expectations for the
third quarter, but issued downside guidance for the fourth quarter
after warning that consumers will likely delay discretionary home
improvement and big ticket purchases. Target (TGT 34.34, +1.27)
reported in-line earnings for the third quarter, but decided to
temporarily suspend its share repurchase program.