Updated from 11:21 a.m. EST
Stocks on Wall Street continue to trade with losses Wednesday as investor enthusiasm over the previous day's historic rate cut by the
gave way to unease over lingering economic worries.
The major indices had lately eased off their morning lows. The
Dow Jones Industrial Average
was down 84 points at 8840, and the
fell 9 points to 903. The
was giving up 15 points to 1574.
helped set the tone Wednesday, posting a wider-than-expected loss for the fiscal fourth quarter ahead of the opening bell. The bank holding company said it lost $2.37 billion, or $2.34 a share. Analysts had forecast a loss of 34 cents a share.
recorded in-line second-quarter profit of $168.1 million, or 37 cents a share, which marks a 31% slump from a year ago when the maker of Chef Boyardee and other brands posted $244.8 million, or 50 cents a share.
posted second-quarter earnings of $378.2 million, or $1.09 a share, which was down from the $390.5 million, or $1.14 a share, the cereal maker recorded a year earlier.
Citing weakening demand for its hard drives,
will cut 2,500 jobs, or about 5%, of its global workforce, as well as executive pay.
As U.S. automakers
continued to wait on word from the White House of an
auto-industry rescue plan
cut its profit forecast and announced a 10% pay cut for its managers.
was trading lower Wednesday after suffering a downgrade at Oppenheimer to perform. Apple says
will not appear at Macworld 2009, and that news again brings the CEO's health into question.
Meanwhile, the fallout from the
scandal continues to play out. Late Tuesday,
Securities and Exchange Commission
Chairman Christopher Cox demanded an internal investigation of why regulators from his agency failed for a decade to investigate the Wall Street money manager, who last week was charged with running an elaborate and far-reaching Ponzi scheme that lost an estimated $50 billion for investors. A formal investigation of complaints would have forced Madoff to provide documentation years ago.
said Wednesday it will cut its production target by another 2.2 million barrels a day starting in January.
Crude oil was down 55 cents at $43.05 a barrel, while gold was rising $31 to $873.70 an ounce.
On Tuesday, the Fed cut its federal funds rate target to a range of 0% to 0.25%, a steep cut that surprised Wall Street and set a historic low for the key rate.
The 10-year Treasury was up 1 18/32 to yield 2.09%, while the 30-year note was up 2 30/32 to yield 2.62%. The dollar was mixed against other major currencies.
In Asia, Japan's Nikkei and Hong Kong's Hang Seng edged higher. In Europe, Germany's DAX and France's CAC-40 edged lower
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