Worried about a change in the United States' AAA credit rating?
The dollar continued its slide against the euro, pound and yen today as investors weighed whether the United States might be the next country to be put on a negative credit watch by ratings agencies.
Standard & Poor's on Thursday lowered the United Kingdom's credit outlook to "negative" from "stable" because of the country's growing debt burden. For now, S&P maintained the nation's credit rating at AAA. But S&P said its warning was based on a projection that net U.K. government debt could approach 100% of national income.
Shares of GM lost 49 cents, or nearly 26%, to close at $1.43.
A late-day sell-off sends major indexes into the red. The dollar's doldrums deepen.
Mounting speculation that General Motors (GM, news, msgs) will file for bankruptcy protection as early as May 31 sent the automaker's shares tumbling 25% today and helped prevent the Dow Jones Industrial Average ($INDU) from notching a modest gain ahead of the Memorial Day weekend.
The automaker won more cost-cutting concessions today, from its Canadian labor union, as it prepares to enter federal bankruptcy court in a showdown with its bondholders, Reuters reported.
The government is prepared to cancel most or all of its existing debt in the automaker and invest in a "new" GM that could emerge from bankruptcy later this year.
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[BRIEFING.COM] Equity indices continue drifting near their lows with eight sectors showing losses of 1.3% or more. Meanwhile, telecom services (-1.7%) and utilities (-0.9%) displayed relative strength earlier, but both have given in to the broad pressure.
While the major averages are now on track to end the month on their lows, the CBOE Volatility Index (VIX 15.78, +2.45) is poised to finish July at its highest level since mid-April. This has marked a quick turn for the near-term ... More
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