Wall Street opened lower Monday, as investors cautiously watched talks in the US Congress about the auto industry and retailers reported downbeat earnings.
The Dow Jones fell 153.48 to 8,343.83. Broader indexes also decreased, with the Standard & Poor's 500 index slipping 15.50 to 857.79 and the Nasdaq falling 21.68 to 1,495.17.
Investors were nervously waiting to see whether the troubled automakers would get a bailout from the U.S. government. Senate Democrats plan to introduce legislation Monday aimed at using part of the 700 billion U.S. dollar bailout to help General Motors, Ford and Chrysler. A vote is expected as early as Wednesday.
Meanwhile, investors were also concerned about consumer spending. Retailer Lowe's Cos. predicted a fourth-quarter profit below the average analyst forecast. Target Corp. posted a 24 percent profit decline and suspended stock buyback plans.
In corporate news, Citigroup plans to cut more than 50,000 jobs, or 14 percent of its workforce.
(Xinhua News Agency November 18, 2008)
