Stocks point lower on economic worries U.S. stocks looked to extend their losses at the open Thursday as investors found little relief from worries about the fate of Detroit's three automakers and broader fears about the struggling economy.
Stock futures contracts fell more than 1 percent following a late-day sell-off Wednesday that sent stocks to their lowest levels since 2003. The major indexes fell more than 5 percent, while the Dow Jones industrial average tumbled below 8,000, a psychological benchmark for the market.
Investors who have been groping for a bottom to the yearlong market rout are now worried that Washington's disagreement over whether to bail out the auto industry could lead to bankruptcy of major automakers like General Motors Corp. and could send ripple effects through the economy _ including a further blow to consumer confidence.
Industry gloom to cast shadow on L.A. Auto ShowNew cars are supposed to be the main attraction when the Los Angeles Auto Show kicks off Wednesday, but dreadful U.S. sales, bailout hearings in Congress, and General Motors' decision to all but pull out of the ...
GM, Chrysler scale back glitz at LA auto showChrysler and General Motors are still showing off their newest vehicles at the Los Angeles Auto Show, but their displays were noticeably quiet Wednesday while Asian and European companies unveiled new models ...
BSkyB to raise $600 million in bond issue Satellite broadcaster British Sky Broadcasting Group PLC said Tuesday it plans to raise $600 million in a bond issue to refinance existing debt and acquire new businesses.
BSkyB, whose biggest shareholder is Rupert Murdoch's News Corp., said it will pay 9.5 percent interest on the 10-year bond notes to be issued to institutional investors.
It expects the offer to close by Nov. 24.
Last month, BSkyB posted a 21 percent rise in third-quarter operating profit resulting from a sharp increase in new customers.
U.S. stocks fall to lowest in five-plus yearsU.S. stocks plunged to their lowest in 5A1 2 years on Wednesday as investors girded for a lengthy economic downturn and automotive executives predicted a far-reaching calamity without a government lifeline.