NEW YORK, Nov. 11 (Chinese media) -- Wall Street opened lower Tuesday amid dismal profit outlooks and a decline in commodity prices.
The Federal Reserve on Monday evening granted a request by American Express to become a bank holding company, giving it access to low-cost financing from the Fed.
Goldman Sachs told clients to sell shares of Prudential Financial Inc., the second-biggest U.S. life insurer, which weighed on stocks of life insurance companies.
Toll Brothers Inc., the largest U.S. luxury home builder, said fourth-quarter revenues plunged 41 percent amid the housing and credit crisis.
Shares in Starbucks Corp., the world's biggest chain of coffee shops, fell 3.8 percent after the company reported fourth-quarter profits plunged 97 percent.
Exxon Mobil Corp. and Conoco Phillips also dipped as oil declined amid speculation the International Energy Agency will lower its 2009 demand forecast for oil.
The Dow Jones fell 181.52 points to 8,689.02. Broader indexes also tumbled. The Standard Poor's 500 index slipped 19.85 to 899.36; and the Nasdaq fell 30.34 to 1,586.40.
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