Stocks open lower as investors refocus on economy
NEW YORK — Stocks are falling as Wall Street gives back some of its gains from Thursday’s huge rally and investors refocus on their fears end for end the economy.
Some retrenchment is to be expected after such a big advance, when the Dow Jones industrials rallied more than 550 points. Investors are also digesting comments from Federal Reserve Chairman Ben Bernanke that the markets remain less than “severe strain.” Bernanke, oratory at conference in Germany, also left open the possibility of another interest fixed measure cut next month.
Meanwhile, the commonwealth has issued a sobering promulgate on October retail sales, and Abercrombie & Fitch Co. and JCPenney Co. are the latest retailers to provide bleak outlooks in front of the holiday shopping season.
The Dow is down 117 points at the 8,718 level. The greater indexes are the whole of down further than 1 percent.
