The markets opened lower as consumer confidence plunged to a 28-year low. The Dow lost 40 points to 12,953 while Nasdaq fell 19 points to 2513.
On the upside
General Electric (NYSE: GE) announced that its would sell or spin off GE Appliances, its slow-growing 101-year-old appliance business.
On the downside
In the broad market, declining issues outpaced advancers by a margin of 4 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The
Russell 2000 which tracks small cap stocks lost 5 points to 737.