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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- Dec gold declined for a fifth consecutive session as economic data this morning showed that the initial claims level fell to 298K from an upwardly revised 312K. The Briefing.com consensus expected a decline to 308K. The yellow metal fell as low as $1273.40 per ounce, its lowest level since June. Unable to gain buying support, it settled with a 1.5% loss at $1275.20 per ounce.
- Sep silver also chopped around in negative territory and touched a session low of $19.32 ... More
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