Stocks down at open - WKOW 27: Madison, WI Breaking News, Weather and Sports

Stocks down at open

NEW YORK (AP) -- Stock prices are down in early trading.

  The Dow Jones Industrial Average is down 130 points in today's early going.

  The Nasdaq Composite Index is off 28 points and the Standard-and-Poor's 500 Stock Index is down about 12 points.

  Banking giant Citigroup plans to cut about 53,000 additional jobs in the coming quarters.

  The plans were posted on the company's Web site.

  Total headcount is being reduced by 20 percent from peak employment of 375,000 at the end of last year.

  The fate of the nation's automakers continues to be watched closely by investors.

  Senate Democrats want to use part of the $700 billion Wall Street bailout to help Detroit's Big Three.

  A vote is expected as early as Wednesday.

  GM announced it will sell its entire stake in Suzuki Motor Corp. for $230 million to raise cash.

  Before the opening bell, the Federal Reserve reported that industrial production posted a larger-than-expected rebound in October, rising 1.3 percent.

  In September, output had posted the largest decline in more than 60 years.

  Japan's economy has slipped into a recession for the first time since 2001, according to the government.

  Officials warn the world's second-largest economy could shrink further in the coming months.

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