Markets tumble after dour jobs report
U.S. stocks finished lower on Thursday, as investors digested more job losses (467,000) than expected and rising unemployment (9.5 percent). Among the major indices, the Dow fell 2.6 percent to 8,280.74 points; the Nasdaq slipped 2.7 percent to 1,796.52; and the S&P 500 was down 2.9 percent to 896.42.
GM warns of liquidation if sale not approved
General Motors Corp., with backing from the U.S. government, told a bankruptcy court judge today that the car maker would be forced to liquidate its assets if a proposed ‘fast-track’ sale to a “New GM” entity was not approved. Lawyers for the automaker were in their third day and final day of court proceedings where they are battling against some bondholders which say GM’s plans to keep on the good assets and auction off poorly performing or unneeded car brands, factories and other liabilities is illegal.
J&J buys stake in biotech firm Elan, acquires Alzheimer's research
Johnson & Johnson is committing to greater involvement in neuroscience biotechnology and Alzheimer's treatment development, announcing on Tuesday it is buying an 18.4 percent in biotech firm Elan Corp Plc for $1 billion while also buying most of the right's to the company's research in Alzheimer's, which it hopes to accelerate.