Stocks open lower as weak economic, earnings figures stir concerns about US recession

Stocks skidded in early trading Tuesday after weak economic news and a disappointing quarterly report from Citigroup Inc. stirred renewed concerns of recession.

The Commerce Department report sent another bad signal on the economy, registering a 0.4 percent drop while the November figure was revised lower.

The result suggests that a weary consumer may no longer be stimulating the economy, although it was in line with the Thomson/IFR forecast. The report followed disappointing sales figures from several major retailers last week.

Federal Reserve Chairman Ben Bernanke has dropped strong hints that a rate reduction is on the way. The Fed's monetary …