CLOSING MARKET REPORT
Wall Street dips on GM loss, oil, jobs data

NEW YORK - US stocks fell on Friday as a US$15.5 billion quarterly loss from General Motors (GM) and a rise in oil prices added to fears the economy could slip into recession and concerns about corporate earnings.

A government report showing US employers cut jobs for the seventh straight month in July added to market worries, though the decline in payrolls was not as severe as had been feared.

The report also showed the jobless rate jumped to its highest level in four years.

GM's second-quarter loss was the latest example of how rising oil prices are hurting consumer spending. Its shares slumped 7.6 per cent to US$10.23 and weighed on the Dow and S&P.

Crude oil settled up US$1.02 at US$125.10 a barrel in New York after Israeli Deputy Prime Minister Shaul Mofaz said Iran was heading toward a major breakthrough in its nuclear program, fanning concerns of a potential confrontation that could disrupt supply from the Opec nation.

The Dow Jones industrial average was down 51.70 points, or 0.45 per cent, at 11,326.32. The Standard & Poor's 500 Index was down 7.07 points, or 0.56 per cent, at 1,260.31. The Nasdaq Composite Index was down 14.59 points, or 0.63 per cent, at 2,310.96.

Source: Singapore Business Times - 02 Aug 2008