Stocks Steeped in Losses

Among corporate earnings, Dutch financial firm ING (ING Quote) swung to a quarterly loss on losses related to the financial crisis.

In retail, department store operator Macy's (M Quote) announced a third-quarter loss on declining sales. Elsewhere among merchants, electronics vendor Best Buy (BBY Quote), citing declines in consumer spending, lowered its earnings forecasts for the remainder of its fiscal year.

Turning to economic forecasts, the Bank of England predicted a decline in Britain's inflation to below 2% next year, but also said that inflation could decline yet further on an economic downturn.

Looking at commodities, crude oil was declining $2.49 to $56.84 a barrel, as the International Energy Agency predicted global energy demand would rise 1.6% annually between 2006 and 2030 and called for new investments to avert a supply shortage. Gold was down $13.90 to $718.90 an ounce.

Longer-dated U.S. Treasury securities were rising in price. The 10-year was up 18/32 to yield 3.67%, and the 30-year was up 23/32, yielding 4.15%. The dollar was higher vs. the euro and pound but losing ground against the yen.

Overseas, European exchanges, such as the FTSE in London and the DAX in Frankfurt, were trading lower. As for Asian markets, Japan's Nikkei and Hong Kong's Hang Seng closed on the downside.