Stocks Are Rebounding

By: Associated Press
By: Associated Press

Stock prices are modestly higher at midday on Wall Street.

After yesterday's late-session sell-off, stocks have firmed in
erratic trading today. Investors continue to digest a heavy helping
of company news, much of it negative on the outlook or the
implications.
A source says Goldman Sachs Group is preparing to cut
about 10 percent of its work force.

General Motors announced plans to suspend several benefit
programs for salaried workers as it seeks to cut costs.
Among the changes, it will temporarily stop company matching of its 401(k) program beginning Nov. 1.

The Labor Department reported that new applications for
unemployment benefits rose 15,000 last week to a seasonally
adjusted 478,000.
Claims above the 400,000 level are considered a sign of recession.


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