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Stock Market Indices Fall Sharply in Thursday Overnight Trading
Auto Bailout Negotiations Fail in Senate, Reid Says (Update2)
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By Nick Johnston and John Hughes SPH 83460 - 3990
NQH 114500 – 4500
Dow 8305 - 292
Thursday 10:00 PM CST Market Update.
Dec. 11 (Bloomberg) -- Senate negotiations for a U.S. automaker bailout plan collapsed, in a blow to General Motors Corp. and Chrysler LLC, which may run out of cash early next year.
“It’s over with,” Majority Leader Harry Reid said on the Senate floor in Washington. “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight.”
The Senate began taking a procedural vote on a House-passed plan, though Reid said he didn’t expect it to get the required 60 votes.
“Millions of Americans, not only the autoworkers, but people who sell cars, car dealerships, people who work on cars, are going to be directly impacted,” said Reid. “It’s going to be a very, very bad Christmas for a lot of people as a result of what takes place here tonight.”
Asian stocks and U.S. index futures immediately began falling after Reid’s comments. The MSCI Asia Pacific Index slumped 2.2 percent to 86.13 as of 12:33 p.m. Tokyo time, while March futures on the Standard & Poor’s 500 Index slipped 3.4 percent.
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