Dow Jones falls below 11,000 as Market Continues to Decline in Mid-Day Trading
The U.S. equity market is continuing to decline in mid-day trading, with the Dow Jones falling below the 11,000 mark. The Dow Jones is currently down 1.71% to 10,953.69, the S&P 500 is currently down 1.68% to 1,164.83 and the Nasdaq is currently down 1.83% to 2,435.22.
Bank of America Corporation (NYSE: BAC) and Goldman Sachs (NYSE: GS) today reported their third-quarter financial results. Bank of America posted a third-quarter loss of $7.3 billion, which included a $10.4 billion charge related to goodwill impairment. Goldman Sachs on the other hand saw its profit decline 40% over the same period in 2009 on weaker trading revenues. However, the investment bank managed to beat consensus estimates, boosting the stock in trading today. Shares of Goldman Sachs are currently up 2.65% to $157.78, while shares of Bank of America Corporation are currently down 2.43% to $12.04.
Intel Corporation (NASDAQ: INTC) today said that it will spend around $6-$8 billion on upgrading its U.S. factory. The company said that the move will create 800 to 1,000 manufacturing jobs. The company has three manufacturing facilities in the U.S. Shares of Intel are currently up 0.29% to $19.25, after touching an intra-day high of $19.39.
China today increased its interest by 0.25% to cool down the economy. The surprise rate hike pushed oil prices lower, with crude oil for delivery in November falling 2% to $81.38 a barrel on the New York Mercantile Exchange.
