In other news, General Motors announced plans to cut another 21,000 jobs and Chrysler reached a deal with United Auto Workers that may help the automaker avoid bankruptcy.

In other news of the day, the price of oil plunged after the energy department predicted shrinking demand, and General Motors announced it will cut 10,000 jobs.

In the latest gloomy financial news, the U.S. economy shed 240,000 jobs in October, pushing the employment rate up to 6.5 percent. Two analysts examine the labor numbers and what they say about the economy.