GM tumbles to 54-year low as overall market drops
October 6, 2008
11:25 AM ET
NEW YORK (AP) - Shares of General Motors Corp. plunged to their lowest level in more than 54 years Monday, amid a global sell off that sent the Dow Jones industrials down more than 500 points to fall below 10,000 for the first time in four years.
In morning trading, GM shares fell 58 cents, or 6.5 percent, to $8.42. They earlier dropped as low as $8.24.
That low marked the automaker's lowest share price since April 22, 1954, according to the Center for Research in Security Prices at the University of Chicago. The price is adjusted for splits and other changes.
Source:
http://news.moneycentral.msn.com/pro...006&id=9232599
Jim Cramer: Time to get out of the stock market
Financial guru warns that investments could lose 20 percent of their value
By Michael Inbar
TODAYShow.com contributor
Mon., Oct. 6, 2008
Bullish investors should turn into shrinking violets as the stock market continues its shocking downward spiral, CNBC’s “Mad Money” host Jim Cramer told Ann Curry on TODAY Monday.
In what Curry called a “dramatic statement,” Cramer emphatically urged any investor who has money they may need in the next five years tied to stocks to pull their dough out.
“I thought about this all weekend,” Cramer told Curry. “I do not want to say these things on TV.
“Whatever money you may need for the next five years, please take it out of the stock market right now, this week. I do not believe that you should risk those assets in the stock market right now.”
While the animated Cramer is known for telling investors the best prospects for earning money on the stock market, he’s now saying retreat is the best position in the face of some of the worst financial news in decades. The bank lending default crisis that put financial firms around the country on the brink of collapse could bring “as much as a 20 percent decrease in the stock market,” Cramer predicted.
He noted that the world’s markets are nosing downward in the face of the U.S. fiscal trauma.
“One thing is certain — they are, in Europe, behind us,” Cramer told Curry. “We’ve experienced more pain than they have, we are surprised at their pain, we didn’t know how bad off they were.”
He called the U.S. government’s $700 billion bailout plan, which includes raising the insured rate on bank deposits from $100,000 to $250,000, as a “good one,” assuring bank depositors: “Your money is safe.”
But he warned that the same may not be true for stock market investors.
“I don’t care where stocks have been, I care where they’re going, and I don’t want people to get hurt in the market,” Cramer told Curry. “I’m worried about unemployment, I’m worried about purchases that you may need. I can’t have you at risk in the stock market.”
VIDEO: http://today.msnbc.msn.com/id/261848...20306#27045406
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