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] The major averages began the new trading week on a slightly lower note with small caps leading the weakness. The Russell 2000 shed 0.3% while the S&P 500 slipped less than a point with six sectors ending in the red.
Equity indices began the day in negative territory with only the Nasdaq (-0.04%) making a very brief appearance in the green. After sliding through the first hour of action, the major averages reversed and spent the remainder of the session climbing off ... More
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