Stocks Drop Dec18-2008
Stocks struggled to find a direction in the early going Thursday as investors sifted through a number of economic indicators, including more layoffs and dismal earnings forecasts.
But a negative ratings outlook on GE from Standard & Poor's added further pressure on the market.
The ratings service lowered its outlook on GE and its GE Capital finance arm to negative from stable. S&P affirmed their Triple-A ratings, but said there is a one-in-three chance they could lose them because of the ongoing financial struggles at GE Capital.
GE shares fell $1.43, or 8.2 percent, to close at $15.96.
At the same time, energy stocks tumbled as oil prices plunged.
But a negative ratings outlook on GE from Standard & Poor's added further pressure on the market.
The ratings service lowered its outlook on GE and its GE Capital finance arm to negative from stable. S&P affirmed their Triple-A ratings, but said there is a one-in-three chance they could lose them because of the ongoing financial struggles at GE Capital.
GE shares fell $1.43, or 8.2 percent, to close at $15.96.
At the same time, energy stocks tumbled as oil prices plunged.
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