The markets opened lower as investors mulled over the outlook for corporate earnings weighed down by record high oil prices. The Dow lost 86 points to 12,073 while Nasdaq dropped 24 points to 2432.
On the upside
Analysts upgraded the railroad sector to lift shares of Union Pacific (NYSE: UNP) higher.
Chinese stocks surged overnight due to bargain hunting with shares of China Petroleum & Chemical Corp., or Sinopec (NYSE: SNP) leaping 10%.
On the downside
FedEx (NYSE: FDX) delivered a disappointing 4th quarter loss as the international package delivery company wrestled with a weak U.S. economy and soaring oil prices.
Fifth Third Bancorp (Nasdaq: FITB) slashed its divided and announced plans to raise at least $2 billion in capital to shore up its balance sheet.Lindsay Corp. (NYSE: LNN), maker of irrigation products, posted higher 3rd quarter revenues and profits, but the results were well short of Wall Street expectations.
the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by a margin of nearly 3 to 1 on Nasdaq. The
Russell 2000 which tracks small cap stocks dropped 9 points to 727.