Worried about a change in the United States' AAA credit rating?

By MSN Money May 22, 2009 6:10PM

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.

By MSN Money May 22, 2009 6:07PM
The Obama administration is preparing to send GM into bankruptcy protection, according to published reports. The government would give the troubled automaker an additional $30 billion or so in federal loans, bringing the U.S. investment to $45 billion. General Motors hopes by July 1 to get bankruptcy court approval of a plan to peel off its good brands and assets into a viable company.

 

A late-day sell-off sends major indexes into the red. The dollar's doldrums deepen.

By MSN Money May 22, 2009 6:04PM

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.

 

The Dow shed 15 points to close at 8,277. The Nasdaq Composite Index ($COMPX) lost 3 points to 1,692, and the Standard & Poor's 500 Index ($INX) closed down 1 point to 887.

 

By unknownUser May 22, 2009 4:56PM
 

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[BRIEFING.COM] The stock market punctuated July with a broad-based retreat that sent the S&P 500 lower by 2.0% with all ten sectors ending in the red. The benchmark index posted a monthly decline of 1.5%, while the Russell 2000 (-2.3%) underperformed to end the month lower by 6.1%.

To get a better feel for what led to today's retreat, we'd like to look back to Wednesday, when the market had ample reason to rally, but did not. Instead, it ended basically flat after a sloppy day of ... More


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