Stock Market News: GE Freezes Pensions; GM Strike Continues


The stock market opened the week on a negative note, with slight declines on Monday morning for most major benchmarks. The focus among many investors continues to be on trade, and barring an improvement in the mood between the U.S., China, Europe, and other key trading partners, market participants don't seem willing to get much more optimistic about the future than they have been. As of 10:45 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 79 points to 26,495. The S&P 500 (SNPINDEX: ^GSPC) fell 7 points to 2,945, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 7 points to 7,975.

Among individual companies, General Electric (NYSE: GE) has worked hard lately to try to turn its business around, and a new announcement shows the impact its efforts could have on workers. Meanwhile, General Motors (NYSE: GM) continues to face labor issues of its own as the United Auto Workers strike against the Big Three automaker goes into a fourth week without any resolution in sight.

Shares of General Electric were down less than 1% Monday morning after the industrial giant announced its latest move to control its costs. The industrial conglomerate hopes to cut pension deficits and overall debt levels through its three-part strategy.

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