U.S. stocks fell after the Standard & Poor’s 500 Index rallied to a record yesterday on the Federal Reserve’s decision to refrain from cutting stimulus as investors weighed the latest batch of economic reports.
It was January 2011, and markets were rallying around the globe, driven by optimism that the U.S. and European economies were on the rebound. One rising stock was Janus Capital Group Inc., the Denver-based asset management firm.
General Motors Co. sees “clearly deteriorating” sales and pricing in Europe’s car market leading to restructuring across the industry, according to analysts who met with the automaker’s management yesterday.
The pace of U.S. auto sales probably stalled for a second straight month in June as the labor market stumbled and confidence waned, leading analysts at Citigroup Inc. and Deutsche Bank AG to lower estimates for demand in 2013.
The best year for U.S. auto sales since 2007 hasn’t been enough to boost General Motors Co.’s shares. One reason is dealership lots such as Dave Gill Chevrolet in Columbus, Ohio, that are overstocked with trucks.
General Motors Co., which saw pickup inventories rise 24 percent last month, will take out 10 weeks of truck production as it prepares to introduce a redesigned Chevrolet Silverado and GMC Sierra in the second quarter.