US: Wall Street skids on auto bailout collapse
13 Dec 2008 1:56 AM
US stocks skidded in opening trade on Friday after the collapse of an automobile bailout plan raised the prospects of bankruptcy for General Motors and Chrysler.
The Dow Jones Industrial Average tumbled 135.96 points (1.59 per cent) to 8,429.13 in opening trades and the Nasdaq composite fell 14.45 points (0.96 per cent) to 1,493.43.
The broad Standard & Poor's 500 dropped 13.43 points (1.54 per cent) to 860.16.
Last-ditch talks on the $US14 billion ($A20.84 billion) package for the Big Three US automakers, backed by Democrats and the White House, broke down late on Thursday after Senate Republicans insisted that union wages be brought swiftly in line with those paid by foreign automakers.
