Dow Falls 45.95, Late GM Surge Stanches Losses
The Wall Street Journal Online</br></br>A LATE POP by General Motors kept the Dow Jones Industrial Average from sinking into negative territory for 2005.</br></br>Drifting lower all day, the blue-chip average briefly dipped into the red for the year. But a last-minute surge by GM, one of 30 Dow industrial stocks, helped the average trim its losses just before the close. The auto maker's stock gained 2.9% thanks to a report that it is considering giving a board seat to Kirk Kerkorian's Tracinda Corp., which has been buying GM shares and advocating a corporate makeover to invigorate the stock.</br></br>Analysts said the overall decline by stocks was a carry-over from a selloff that began in late trading Tuesday, when investors unloaded stocks after a big rally. The Dow finished yesterday down 45.95 points at 10810.91, leaving it up just 0.26% for the year.</br></br>The Standard & Poor's 500-stock index fell 6.33 points to 1257.37, leaving it up 3.75% for the year, and the Nasdaq Composite Index declined 8.75 points to 2252.01, up 3.52% year-to-date. Treasury-bond prices declined ahead of a 10-year Treasury-note auction today, pushing yields higher. The dollar, which has benefited from rising interest rates in the U.S. and stagnant rates elsewhere, advanced against the euro and yen.