Stocks limp into holiday; Dow down 15
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.
U.S. markets will be closed Monday for Memorial Day.
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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.
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[BRIEFING.COM] The stock market ended the Wednesday session on a mixed note. The tech-heavy Nasdaq displayed relative strength, climbing 0.4%, while the S&P 500 added 0.2% with five sectors settling in the green. For its part, the Dow Jones Industrial Average (-0.2%) spent the entire session below its flat line.
Equities started the midweek affair on a rather unassuming note in the absence of market-moving news or economic releases. With those pieces missing from the equation, ... More
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