Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Markets Open Tepidly

Wall Street opened up tepidly this morning, then retreated to neutral, as the markets looked to complete a winning short-trading week and Chrysler attempted to wind up its sale to the Fiat-led consortium today.

In the first 15 minutes of trading, the Dow, the broader S&P 500 and the tech-heavy Nasdaq were essentially flat.

The markets got some good news this morning: First-quarter GDP shrank at "only" a 5.7 percent annualized rate, which is awful, but not as awful as forecasters predicted. They figured it would be a 6.1 percent contraction.

Meanwhile, in testimony in federal bankruptcy court yesterday, Chrysler chief executive Bob Nardelli said he hoped the sale of his company to the Fiat-led consortium would close today. If that's the case, the Chrysler bankruptcy has been wrapped up in the light-speed time of 29 days.

-- Frank Ahrens
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  May 29, 2009; 9:50 AM ET
Categories:  The Ticker  | Tags: Dow Jones, GDP, nasdaq, s&p 500  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Nardelli: Chrysler Will Be Sold To Fiat On Friday
Next: Chrysler Dealers: Company 'Begged' Us to Take Too Many Cars

No comments have been posted to this entry.

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company