Stocks Sag At Wall Street Open

By: Tom Skinner
By: Tom Skinner

Stock prices are lower, building on yesterday's losses. Wall Street's late fade yesterday didn't do anything to bolster sagging investor confidence. Neither did the earnings report today from J.C. Penney. The retailer reports a 9 percent drop in quarterly profit, hurt by weak sales. It reduced the outlook for the current quarter, indicating that the troubled housing market is weighing on business.

The Labor Department reports that the Consumer Price Index for
October rose three-tenths of a percent. Also, the number of persons
filing first-time claims for unemployment benefits rose by 20,000
to 339,000, the highest level in four weeks.

Ahead of the Energy Department's weekly update on inventories, crude oil futures are edging lower.

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