August 20, 2008

U.S. Markets Start Down Wednesday Morning

U.S. stock indexes were down Wednesday morning as oil prices rose overnight and Hewlett-Packard turned in a positive financial report.

Crude oil rose slightly to $114.90 per barrel. But, investors were encouraged by a third fiscal quarter report from Hewlett-Packard, showing earnings up 11 percent, The Wall Street Journal reported.

In midmorning trading, the Dow Jones industrial average was off 45.68 points, down 0.4 percent to 11,302.87. The Nasdaq was down 5.17 points, or 0.22 percent, at 2,379.19 points. The Standard & Poor's 500 was down 4.18 at 1,262.51, off 0.33 percent.

The 10-year U.S. Treasury note rose 14/32 to yield 3.788 percent.

Against the euro the dollar was at $1.4755 from Tuesday's $1.4786. The dollar against the yen was at 109.74, compared with Monday's 109.71.

In Tokyo, the Nikkei average fell 13.36 points to 12,851.69, down 0.1 percent.