Wall Street down amid concerns on economic woes

Special Report:Global Financial Crisis　

NEW YORK, Nov. 12 (Chinese media) -- Wall Street saw a lower opening Wednesday after Best Buy Co. predicted worrisome lower profits.

Best Buy, the world's largest electronics retailer, cut its 2009 guidance on fears that consumer spending will further slow down. Shares in Best Buy fell 12 percent.

Meanwhile, investors awaited an update from Treasury Secretary Henry Paulson on the status of the Troubled Assets Relief Program at 10:30 EST.

Investors are also closely watching the battered auto industry. House Speaker Nancy Pelosi thinks General Motors, the largest U.S. automaker, is too big to be allowed to fail and thus wants Congress to support a financial bailout for the troubled U.S. auto industry.

In other corporate news, department store operator Macy's Inc. reported a loss of 44 million U.S. dollars for the third quarter. The loss is smaller than analyst estimates.

The Dow Jones fell 194.50 to 8,499.46. Broader indexes also tumbled. The Standard Poor's 500 index slipped 20.22 to 878.73; and the Nasdaq fell 30.53 to 1,550.37.