Stocks briefly recover into positive ground, but renewed selling interest sends the stock market back into the red.
Gold futures are in rally mode, climbing 3.6% to $758.80 per ounce. Gold is benefiting from a 1.2% drop in the dollar.
U.S. automakers are currently testifying before the House Financial
Services Committee, which follows their appearance before the Senate
Banking Committee yesterday. Both Ford (F 1.49, -0.19) and General
Motors (GM 2.75, -0.34) have fallen to multi-decade lows this session
as many lawmakers are showing resistance to giving the automakers aid.