Stocks Under Pressure At Midday Trading Monday
NEW YORK (AP) — Stock prices are moving lower at midday trading Monday.
The Dow Jones industrial average is down 10 points at 11,832. Decliners on the New York Stock Exchange hold a 3 to 2 lead over advancers.
The Nasdaq Composite Index has lost 14 points at 2,391.
And the Standard-and Poor’s 500 Stock Index is down a fraction at 1,317.
Trading on the New York Stock Exchange during the first two hours totaled 1.5 billion shares. Volume on the Nasdaq Market came to 674 million shares.
Stocks are coming under pressure once again as crude oil prices rise.
The move higher for crude came after Saudi Arabia said that it is willing to boost production if the market demands more oil.
Tuesday, the Federal Reserve begins a two-day policy-setting session. Observers expect the central bank will keep interest rates steady.
A source says Citigroup is about half-way through cutting 6,500 jobs from its investment banking unit. Citigroup has announced more than 13,000 job cuts this year as it tries to recover from bad investments on mortgages and leveraged loans.
