Stocks Head Lower...Oil Higher...Sears Under Pressure

By: Tom Skinner
By: Tom Skinner

Stock prices have headed lower in the first hour of trading. The market is weakening after a rally yesterday gave the Dow a boost of more than 330 points.

The Commerce Department says new home sales rose 1.7 percent in October. But that comes only after the previous month was revised sharply lower. Over the previous 12 months, new home sales have dropped a dramatic 23.5 percent.

Some analysts say growth in the current quarter will be around 1 percent or lower, after a strong third quarter. The government today says growth in the summer was a robust 4.9 percent.

Sears Holdings shares are down sharply after reporting a 99 percent drop in third-quarter profit on weak sales at its Sears and Kmart department stores. It also had continuing investment losses under hedge-fund manager Chairman Eddie Lampert.

Oil prices have retreated from earlier highs after a pipeline that supplies 14 percent of domestic crude imports partially reopened following an overnight fire. The fire late yesterday along the pipeline in northern Minnesota killed two workers who were repairing it.


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