Stocks Mired in Red

Meanwhile, the Bureau of Labor Statistics also announced that its preliminary read of nonfarm productivity came in at 1.1%, just ahead of analysts' forecasts but down substantially from 3.6% in the second quarter.

Investors were sorting through a new heap of quarterly earnings results. Tech bellwether Cisco (CSCO Quote) reported profit that was flat year over year even but issued cautious revenue guidance.

Media firm News Corp. (NWS Quote) reported declining profit and cut its 2009 guidance.

Brewery Anheuser-Busch (BUD Quote) reported that its third-quarter results declined 5.7% year over year thanks to charges related to its upcoming sale to European beverage concern InBev.

Carmaker Toyota (TM Quote) said second-quarter net income declined and it cut its full-year profit forecast.

Asset-management firm Blackstone (BX Quote) swung to a loss. The company cited tumultuous credit and equity markets as a source of its troubles.

Entertainment company World Wrestling (WWE Quote) reported a slight increase in income from the year-ago period.

Big-box retail firm Costco (COST Quote) reported that its October same-store sales were down 1%, although total revenue edged up 2%. The same-store figure fell short of analyst estimates. Fellow bulk merchant Wal-Mart (WMT Quote) announced a better-than-expected 2.4% increase in same-store sales.

"In a deleveraging world, that includes the consumer, who is trying to figure out how not to take on more debt for the first time in a long time," said Hanlon of Delta Global. He said that high-end and leisure retailers should continue to feel a pinch, while discount stores like Wal-Mart will continue to benefit.