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In corporate news, investors are waiting for June auto sales reports that could send shares of General Motors Corp. and Ford Motor Co. lower. The reports are expected to show a seventh straight monthly drop in sales, which would be some of the worst numbers since 1992.
Financial shares could come under pressure after commercial finance company CIT Group Inc. announced the sale of its home lending business to Lone Star Funds for $1.5 billion. Lone Star will also assume $4.4 billion of debt and other liabilities.
CIT also agreed to sell other assets to raise a total $1.8 billion in fresh capital. Global financial companies have been raising money to combat more than $300 billion of losses from mortgage-backed securities and other risky investments.
Overseas, Japan's Nikkei stock average fell 0.13 percent after Wall Street's tumble. In morning trading, Britain's FTSE 100 fell 2.43 percent, Germany's DAX index fell 1.97 percent, and France's CAC-40 rose 0.85 percent.
On the Net:
New York Stock Exchange: http://www.nyse.com/
Nasdaq Stock Market: http://www.nasdaq.com/
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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