- Car Insurance Scofflaws Raise Health Reform Doubt
- Rush Starts as Holiday Shopping Season Revs Up
- US Markets Bracing for Selloff on Dubai Debt Worries
- US Dollar Falls to 14-Year Low Against the Yen
- ING Prices Share Issue at Hefty Discount
- UK's Darling to Downgrade 2009 Growth Forecast
- Tommy Hilfiger's Estate in Conn. Sells for $20 Million
- Cheap Robotic Hamsters Are Holiday's Unlikely Craze
- Fannie Mae to Tighten Lending Standards: Report
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- No Thanksgiving Rest for Retailers in Sales Race
- US Markets Bracing for Selloff On Worries About Dubai's Debt
- Attraction of Switzerland to Businesses
- More Asia Executives Resigned to Economy Flights: Survey
- Banks Play Down Dubai Exposure, Investors Still Wary
- UK's Darling to Downgrade 2009 Growth Forecast
- Dubai Debt Delays Revive Fear of Financial Crisis
- ING Prices Share Issue at Hefty Discount
Text Size 
Stocks opened lower, clipped by a quartet of dismal news: a rise in jobless claims, oil's resurgence, Wal-Mart's sales miss and AIG's wider-than-expected loss.
But a better-than-expected report on home sales helped shave a few points off the decline.
Existing-home sales rose 5.3 percent in June, the National Association of Realtors reported. Such sales are now down 12.3 percent from June 2007.
Initial jobless claims rose by 7,000 last week to 455,000, the highest level in more than 6 years.
Oil prices
[US@CL.1
Loading...
()
] jumped above $120 a barrel as geopolitical turmoil rekindled supply concerns.
AIG [AIG
Loading...
()
] reported a loss of 51 cents a share, falling far short of analysts' estimates, which had projected a profit for the company. Sales also missed estimates and the insurance giant said it will unveil a sweeping restructuring plan at a meeting on Sept. 25.
Juy same-store sales
have been trickling in all morning and have been largely disappointing -- even from the discount retailers.
Wal-Mart [WMT
Loading...
()
]'s same-store sales rose 3 percent in July but fell short of the 3.4 percent expected.
Wal-Mart rival
Target [TGT
Loading...
()
] also missed its mark, reporting a decline of 1.2 percent when analysts had expected a more modest 0.3-percent drop.
Wal-Mart executives said the reason for the sales dropoff is that the boost from the government stimulus checks is starting to wane.
"With the end of the stimulus checks, we know consumers are spending more cautiously," said Eduardo Castro-Wright, head of Wal-Mart's U.S. operations.
But bulk food and home goods continued to be a hit with shoppers: W
holesaler
Costco
[COST
Loading...
()
]
reported its
same-store sales rose 10 percent, beating expectations.
On tap for later today is a report on consumer credit this afternoon.
In Europe markets rallied, led by resource and energy stocks, ahead of rate decisions from the European Central Bank and the Bank of England.
But global economic concerns pushed major indexes in Asia down.
Print
Email
- What you need to know.
- Social enterprises are becoming a new asset class for the ethically-minded.
- Ever wished your cab driver would stop nattering and just get to where you're going? Well that moment is near(er).
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
Data is a real-time snapshot *Data is delayed at least 15 minutes