Updated from 8:58 a.m. EST
At Tuesday's open, stocks in the U.S. rebounded slightly from the previous day's dramatic selloff, as
narrowed its earnings forecast and the Big Three automakers returned to Capitol Hill hoping to secure a bailout.
Dow Jones Industrial Average
gained 67 points to 8217, and the
was better by 11 points to 827. The
added 16 points to 1414.
During the previous outing, stocks sold off sharply as the National Bureau of Economic Research declared the U.S. had been in a recession for nearly a year. The first session of the month also was occasion for profit-taking following a five-day rally that capped off November.
At Monday's close, the Dow had lost 679.95 points, or 7.7% to 8149.09; the S&P 500 fell 80.03 points, or 8.9%, to 816.21; and the Nasdaq sank 137.50, or 9%, to 1398.07.
Ahead of the new session, industrial titan
narrowed its fourth-quarter earnings-per-share projection to between 50 cents and 52 cents from a previous target of 50 cents to 65 cents. The company also affirmed its intention to maintain its $1.24 per share dividend in 2009.
As trading gets underway, investors will be closely watching
. Chief executives from the automakers are slated to appear before Congress with detailed plans that show their businesses still warrant a federal bailout.
Last time the Big Three's CEOs traveled to Washington, lawmakers refused them the
they sought and berated them for, among other things, flying to the hearing on private jets.
While the automakers petition the government, the
United Auto Workers
union is reportedly planning an emergency meeting to discuss ways to help their employers secure emergency funds. Automakers also are expected to roll out their
November sales figures
later in the day.
Elsewhere, a union of engineers for aerospace firm
ratified new contracts with the company. The deal covers more than 20,000 workers. Earlier this year, Boeing faced production delays and reduced earnings when its machinists union elected to strike.
announced systemwide capacity cuts of 6% to 8% and said it was assessing the reductions' impact on its employees.
Among financial companies,
The Wall Street Journal
would post a $2 billion loss for the most recent quarter.
Several big technology names were also making headlines.
announced plans to collaborate on development of solid-state drives for servers.
reduced its fourth-quarter revenue forecast, citing a weakening global economy and slackening demand.
In earnings news,
posted a fourth-quarter loss that tripled from a year ago. Similarly, department-store operator
announced a wider-than-expected third-quarter loss.
said its third-quarter earnings declined 43% on restructuring charges.
were looking to set certain stocks in motion. Morgan Stanley cut its earnings estimates for credit-card company
, and Barclays reduced its profit forecast for defense firm
In the commodities arena, crude oil was higher by 22 cents to $49.50 a barrel. Gold was shedding $5.20 to $782 an ounce.
Longer-dated U.S. Treasury securities were falling in price. The 10-year was down 10/32 to yield 2.76%, and the 30-year was lower by 1-6/32, yielding 3.27%. The dollar was falling vs. the euro and pound but rising against the yen.
Overseas, European markets, such as the FTSE in London and the DAX in Frankfurt, were marking gains. In Asia, both Japan's Nikkei and Hong Kong's Hang Seng finished with losses.