An anxious Wall Street proceeded cautiously Monday after last week's selloff, sending stock futures lower ahead of economic data and talks in Congress about the automotive industry.
The government at 9:15 a.m. Eastern time will release its October reading on industrial production. The median estimate by economists surveyed by Thomson/IFR is an increase of 0.2 percent after September's drop of 2.8 percent.
Investors were also nervously waiting to see whether the nation's troubled automakers would get a bailout. Senate Democrats, who plan to introduce legislation Monday, want to use part of the $700 billion Wall Street bailout to help prop up Detroit's Big Three carmakers: General Motors Corp., Ford Motor Co. and Chrysler LLC. A vote was expected as early as Wednesday.
General Motors said Monday it will sell its entire stake in Suzuki Motor Corp. for 22.37 billion yen, or $230 million, to raise cash."
Tuesday, 18 November 2008
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