Wall Street opened slightly lower Wednesday, as General Motors is all but certain to go bankrupt.
Investors hesitated to extend the previous rally, after General Motors Corp., the largest U.S. automaker, said it failed to get 90percent bondholders agree to swap their debt for company stock. That means the automaker is almost definitely headed for bankruptcy court. GM tumbled 15 percent on it, which mostly has been priced in.
Moreover, Monsanto Co., the world's biggest seed producer, said earnings this year will be at the low level of its previously announced forecast.
In economic data, Investors awaited a housing report. The U.S. National Association of Realtors is expected to report sales of existing homes rose to an annual rate of 4.66 million in April from 4.57 million in March.
The Dow Jones lost 38.47 to 8,435.02. Broader indexes also moved lower. The Standard & Poor's 500 index slipped 3.26 to 907.07; and the Nasdaq decreased 9.56 to 1,740.89.
Source: Xinhua
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