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Stocks take a hit at the openU.S. markets fall as economic concerns reach crescendo in the face of $99 oil and dollar weakness.NEW YORK (CNNMoney.com) -- Concern about the economy plagued U.S. stocks at Wednesday's open, with the major indicators significantly lower. The Dow Jones industrial average lost 0.6 percent. The Nasdaq composite index fell 1 percent. The Standard & Poor's 500 index was 0.6 percent lower. In global trade, Asian markets sold off, with Japan's Nikkei falling over 2.5 percent and Hong Kong's blue chip index tumbling more than 4 percent. European stocks tumbled in the early going. Among stocks to watch, farm and construction equipment maker Deere (Charts, Fortune 500) posted a 52 percent jump in quarterly profit on strong farm and commercial equipment sales. Freddie Mac (Charts, Fortune 500),the government-sponsored enterprise designed to help provide financing to the mortgage market, could move again Wednesday after reporting a $2 billion writedown. Freddie shares lost over 25 percent Tuesday. High-end grocer Whole Foods (Charts, Fortune 500) reported lower quarterly profits late Tuesday on costs related to the purchase of rival Wild Oats. And Borders Group (Charts), the nation's second largest bookseller, reported another quarterly loss on charges related to the sale of its United Kingdom and Ireland subsidiaries. |
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