Stocks limp into holiday; Dow down 15

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.

 

U.S. markets will be closed Monday for Memorial Day.

Benchmark crude oil for July delivery rose 62 cents today to settle at $61.67 a barrel, lifting energy shares.

 

Retail gasoline prices continued to climb, with the national average rising 3 cents overnight to $2.39 a gallon, according to AAA's Fuel Gauge report. About 32 million drivers are expected to travel this weekend, according to AAA, up slightly from last year.

 

0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

RECENT QUOTES

WATCHLIST

Symbol
Last
Change
Shares
Quotes delayed at least 15 min
Sponsored by:

MARKET UPDATE

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Market index data delayed by 15 minutes

[BRIEFING.COM] The dollar index remained in the red in afternoon trading, which helped provide price support to commodities.

  • Crude oil had a nice run today, gaining over $2/barrel on a steady climb upwards. Oct crude oil finished the day $2.02 to $94.91/barrel 
  • Oct natural gas has a nice run today too, extending yesterday's gains. Oct NG closed 6 cents higher to $3.99/MMBtu 
  • Dec gold rose today by $1.40 to $1236.20/oz, while Dec silver gained $0.11 ... More


Currencies

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Sponsored by:

VIDEO ON MSN MONEY