Dow keeps dropping
Blue-chip average falls extending Friday's pullback on credit market worries; Nasdaq barely changes as select techs bounce; Oil prices retreat.
NEW YORK (CNNMoney.com) -- Blue chips slipped, while techs drifted, as investors remained jittery following Friday's brutal selloff, sparked by worries about how the credit and housing market will drag on the economy.
The Dow Jones industrial average (Charts) lost 0.7 percent over 90 minutes into the session, while the S&P 500 (Charts) index lost around 0.6 percent. The Nasdaq composite (Charts) was little changed.
The Dow lost 367 points Friday - the 20th anniversary of the Black Monday crash - as record-high oil prices, more problems in the bank sector and slower corporate earnings growth revived worries about an economic slowdown.
These concerns continued to weigh on U.S. stocks Monday - and also dragged on global markets, with Asian markets ending lower and European markets falling in afternoon trade.
SanDisk (Charts), a maker of flash memory cards, announced a new product that will allow people to move files from their computers to their television, a direct challenge to Apple. SanDisk shares gained more than 3 percent on the news. (Full story)
Exxon and a number of oil services firms fell along with the price of oil.
Oil prices retreated $1.80 to $86.80 a barrel on the New York Mercantile Exchange. On Friday, oil briefly hit an all-time high of $90.07 a barrel in electronic trading.
COMEX gold for December delivery fell $12.80 to $755.60 an ounce.
On Friday, while stocks and the dollar fell, oil and gold prices rallied as investors sought safety for their investments.
Although Merck offered some upbeat earnings, other earnings news has been mixed. Schering-Plough (Charts, Fortune 500) said Monday that earnings and revenue rose from a year ago, but missed estimates. Shares slumped 13 percent.
With 26 percent of the S&P 500 earnings out, third-quarter growth is currently on track to have fallen 0.1 percent from a year ago, according to the latest Thomson Financial figures.
Investors were also digesting comments from Friday's G7 meeting of the world's leading economic powers. The ministers predicted slowing global growth and also said that they would do what they could to limit the damage from the credit crisis.
Treasury prices fell, raising the yield on the benchmark 10-year note to 4.41 percent from 4.39 percent late Friday. Bond prices and yields move in opposite directions.
In currency trading, the dollar gained versus the euro and fell versus the yen.