Stocks recover after testing lows

Date: Thu, 20 Nov 2008 12:01:12 -0500

Stocks recover after testing lows

U.S. stocks open sharply lower and then recover, with concerns about
the economy and the ailing financial and auto sectors leading the
market to fresh five-year lows.

FUTURES MOVERS: CORRECT: OIL DIVES BELOW $50 A BARREL AS STOCKS TUMBLE

Crude-oil futures fall for a fifth session, briefly slumping below $50
a barrel for the first time in nearly two years, as global stocks
tumble and economic worries deepen.

JOBLESS CLAIMS JUMP TO 16-YEAR HIGH OF 542,000

First-time filings for unemployment benefits hits the highest level
since July 1992, punctuating the struggling state of the U.S. labor
market, government data show.

THE FED: FOMC SEES YEARLONG RECESSION, MINUTES SHOW

Federal Reserve policymakers now expect the U.S. economy to contract
for as much as a year, with the risk that the slowdown could persist
for even longer, according to edited minutes of a closed-door meeting
of the Federal Open Market Committee.

METALS STOCKS: GOLD RISES ON SAFE-HAVEN BUYING AS CRUDE, STOCKS SLUMP

Gold futures rise on increased safe-haven buying as gloomy economic
news pushes stocks and crude-oil prices sharply lower.