Why General Motors Stock Sank Today
All week long, the stock market has been in a funk -- and Thursday doesn't look to be different.
Lousy economic news is the major culprit today, with the U.S. Bureau of Economic Analysis having just downgraded its assessment of the economy's performance in Q1 to a contraction of 1.6%, and the Commerce Department reporting that "core" U.S. inflation remains high at 4.7% (and that doesn't even count inflation from higher food and energy prices) -- at the same time as consumer disposable income is falling.
As you might expect, none of this is great news for General Motors (NYSE: GM), which needs consumers to remain financially healthy so that they can afford to buy its cars. Accordingly, GM stock is sinking 3.3% through 11:40 a.m. ET today.
Source Fool.com
