Stocks open lower as rate cut enthusiasm wanes

NEW YORK - Wall Street's enthusiasm over the Federal Reserve's rate cut has waned in the face of concerns about the nation's weak economy and struggling companies.

Morgan Stanley posted a wider-than-expected loss Wednesday. The report offers a reminder of the large obstacles facing the battered financial industry.

The Dow Jones industrial average opened down 113, or 1.3 percent, at the 8,810 level. Broader indexes are down by similar amounts.