The major indices extend their losses as disappointing auto sales data from General Motors (GM 17.20, -0.24) hits the wires.
General Motors reported May North American sales fell 28%, compared to
the expected decline of roughly 20%. Truck sales plummeted 39%, while
car sales fell 17%. GM's stock reverses into the red, going from a gain
of 4.2% to a loss of 1.4%. GM's announced early this morning that it
is closing four North America auto plants in an effort to save costs.
The stock market is now down 0.8% after being up as much as 0.5%.