Stocks Plunge on Dollar Weakness, Surging Oil and GM Loss
Stocks are lower on Wednesday, rocked by the news of a record loss at General Motors, oil prices nearing $100 per barrel, and the U.S. dollar sinking to a record low.
General Motors
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PowerRating) reported a record $39 billion loss for the third quarter (read more).
Meanwhile, Toyota Motor Corp.
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PowerRating) reported a record profit (read more).
Time Warner
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PowerRating) profit fell by 53% in Q3 (read more).
MGM MIRAGE
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PowerRating) announced plans to develop a multi-billion dollar MGM Grand Abu Dhabi, in partnership with Mubadala Development Company (full story).
Crude oil hit another record high, rising above $98 per barrel for the first time, and the U.S. dollar hit record lows (read more).
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