Worse-than-expected news thwarts rally
New York stocks declined as U S data on services and factory orders disappointed after a four day rally. The Dow fell about 65 points, the S P 500 dropped 1.4 percent, and the Nasdaq slipped 0.6 percent. Investors questioned the pace of economic stabilization while bargain hunters bought on the late day dip.
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Oil slumps after storage rise cools market rally
In Sioux Falls and Dallas briefs, a U S government report shows crude oil stocks up nearly 3 million barrels, easing a seven day rally and pushing July crude to about 66 12 a barrel. Separately Southwest pilots reject a new contract by a close margin citing unfavorable terms and plan to resume bargaining.
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GM and Chrysler say slashing dealerships was necessary
In testimony to the Senate Commerce Committee GM chief Fritz Henderson and Chrysler chief James Press argued a surplus of dealers burdens their restructurings amid bankruptcy. They warned communities will feel pain as closures accelerate. lawmakers pressed them over customer losses and taxpayer funds.
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