U.S. stocks close lower, led by tech; financials extend gains

Date: Tue, 14 Oct 2008 17:03:18 -0400
U.S. stocks close lower, led by tech; financials extend gains

U.S. stocks tilt lower as cheer over the government's plan to invest
billions in banks gives way to worries over the economy, which
especially dents shares in the consumer-discretionary and technology
sectors.

U.S. to give $250 billion to banks and take ownership stakes

Treasury Secretary Henry Paulson announces an extraordinary investment
by the federal government in the American banking system on Tuesday,
laying out an unprecedented plan to give $250 billion to banks to repair
the faltering financial system and get lending started again.

Libor rates show money-market tensions easing

Short-term lending rates are easing, offering more evidence that massive
government bailouts and wide-ranging debt and deposit guarantees have
started to thaw frozen credit markets.

Futures Movers: Oil drops more than 3% on view of softer consumption

Oil prices close below $80 per barrel as expectations were left largely
intact that the financial crisis will hasten a decline in consumption,
even in light of massive efforts to revive credit markets.

Exchange rate, consumer-product sales lift Johnson & Johnson

Johnson & Johnson reports higher third-quarter earnings, boosted in part
by a favorable foreign-exchange rate and solid sales growth for its
consumer products. J&J's blue-chip shares trade higher.