Wall Street Opens Moderately Lower Amid Earnings Concerns

Investors on Wall Street anxiously awaited key earnings reports from financial firms such as Goldman Sachs, JPMorgan Chase, and Citigroup, which were set to be released throughout the week. The market was particularly boosted by Wells Fargo's surprise announcement of a record quarterly profit for the first quarter, sending stocks sharply higher. However, Chevron's prediction of lower earnings for the same period weighed on stocks, causing a decline of 3% in early trading. Additionally, a report by The New York Times indicating that the Treasury Department had directed General Motors to prepare for a potential bankruptcy filing by June 1 sent GM's stocks tumbling by over 15%.

Key Takeaways:

• The Dow Jones Industrial Average fell by 104.42 points to 7,979.04.
• The Standard & Poor's 500 index declined by 7.99 points to 848.57.
• The Nasdaq dipped by 19.51 points to 1,633.03.
• Wells Fargo's surprise announcement of a record quarterly profit for the first quarter sent the market sharply higher.
• Chevron's prediction of lower earnings for the first quarter weighed on stocks, causing a decline of 3% in early trading.
• JPMorgan Chase and Citigroup are set to release their earnings reports late in the week.
• General Motors' stocks tumbled by over 15% on a report by The New York Times indicating a potential bankruptcy filing by June 1.
• Goldman Sachs is set to release its earnings report on Tuesday.

Statistics:

• The Dow Jones Industrial Average fell by 104.42 points to 7,979.04.
• The Standard & Poor's 500 index declined by 7.99 points to 848.57.
• The Nasdaq dipped by 19.51 points to 1,633.03.
• Wells Fargo's quarterly profit for the first quarter was a surprise announcement.
• General Motors' stocks tumbled by over 15% on a report by The New York Times.

Sources:

• Xinhua (New York, Apr 13, 2009) - via COMTEX
• The New York Times
• Comtex SmarTrend Alert (As of Thursday, 04-09-2009 23:59)
• Comtex News Network, Inc.