Large Stock Focus: GM Declines 16%; Penney Rallies Retail
Concerns about Friday's unemployment report pushed stocks lower, with General Motors tumbling on continued uncertainty about the fate of the U.S. auto makers and retailer J.C. Penney heading higher on better-than-expected monthly sales.</br></br>General Motors acted as a hefty drag on the Dow Jones Industrial Average, falling 79 cents, or 16%, to $4.11 after the company's chief executive told lawmakers that sales of GM vehicles have already begun to dip because of speculation that the company is on the verge of bankruptcy.</br></br>Ford, which says it doesn't need immediate aid, lost 19 cents, or 6.7%, to 2.66.</br></br>"The initial jobs report that came out [Thursday] was stronger than people expected, but everyone is looking for what the big unemployment report might show" on Friday, said Randy Frederick, director of trading and derivatives at Charles Schwab.</br></br>Many retail stocks jumped after November same-store sales lived up to expectations of a record drop Thursday, but, thanks to deep discounting during the month, the sales slide was smaller than expected. J.C. Penney gained 1.38, or 7.5%, to 19.88. Nordstrom added 1.11, or 10%, to 12.01. Saks was up 16 cents, or 3.2%, to 5.23.