Monday, April 13, 2009
UPDATE: Stocks erased the bulk of their losses to close mixed. The Dow fell nearly 26 points, while the S&P gained 2 points and the Nasdaq rose less than a point.
Stocks are lower on Wall Street as investors await a flurry of corporate earnings reports and other news that could provide insight into the direction of the economy.
Traders are uneasy about a New York Times report saying the Treasury has directed General Motors Corp. to lay the groundwork for a potential bankruptcy filing by June 1. The report says GM might be forced to file for bankruptcy if it cannot complete a plan to exchange debt for equity and receiving concessions from the United Auto Workers.
A White House official, speaking on condition of anonymity because no specifics of the GM plan have been announced, told The Associated Press that any speculation about a GM bankruptcy filing was "premature."
Investors are also looking ahead to a spate of earnings results throughout the week, including reports from key financial firms such as Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc.