Stocks Extend Declines; Blackberry Shares Rise
(NEW YORK) -- Wall Street stocks closed lower Monday, continuing sharp declines from Friday. The Dow Jones Industrial Average was down nearly 50 points to 15,401. The Nasdaq was off 9 points at 3,765. The S&P 500 closed down 8 points at 1,702. Investors looking at the calendar know a government shutdown deadline is just a week away.
Meanwhile, they are still weighing how the Federal Reserve will move forward after last week's decision to continue its bond-buying program, the Wall Street Journal reports.
On Friday, Blackberry announced it's laying off 40 percent of its workforce. Now comes word that the PDA maker is being bought out by a private capital fund for $4.7 billion dollars. The struggling company's stock surged following news the company would be taken private by Fairfax Financial Holdings for $9 a share.
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