Dow Watch: GM Gets Closer to a Buck

Updated from 2:35 p.m. EDT

Down for the Week

( At 5:45 p.m. EDT)

Not the best way to end a week. The Dow Jones Industrial Average fell 62.68 points, or 0.8%, to 8268.64 Friday, though considering only six of its 30 stocks rose, it could have been worse I suppose.

The Dow struggled for the most part during the past five sessions, and all told it lost 306 points, or 3.6%. That was the worst showing since the week that finished March 6, but it was only the second decline in the last 10 weeks. Not that big of a deal.

So far this month, the industrials have gained 1.2%, while for the year to date, they've lost 5.8%.

As for the few winners this time around, Alcoa ( AA) was the best, up 3.3% at $9.03. Microsoft ( MSFT) tacked on 0.8% to $20.22, and Johnson & Johnson ( JNJ) added 0.7% to $55.41.

Most of the losses were modest. However, Bank of America ( BAC) dropped 5.7% to $10.67, and GM ( GM) gave back 5.2% to $1.09. Yes, $1.09.

On a points basis, Chevron ( CVX) and Wal-Mart ( WMT) were the biggest drags, accounting for about 18 points of the overall decline.

Yes, It's Friday Yet

( At 2:15 p.m. EDT)

A sluggish day for the Dow. I don't really know how else to put it. Quite frankly, there just isn't a great deal going on to influence the direction either way.

So far the index has spent time on both sides of the flat line, and lately it was down by 50 points at 8281. Barring a nearly 300-point rally in the next 90 minutes, it will close lower for the week, which would be only its second retreat in the last 10.

Considering eight of the 30 DJIA stocks are in positive territory, it's probably best not to plan on much of a recovery.

Not the end of the world, though. We can't go up every week, even if most of us wouldn't mind that. The market's still a long way from its depths back in March.

As for individual stocks, GM ( GM) continued to stumble around multidecade lows. This time, it was losing 6 cents at $1.09. The latest news is that it's planning to pull the charters from more than 1,000 dealers and that it might be close to a cost-cutting deal with the UAW.

This day one year ago, it closed at $21.23. Two years ago it was almost $31.

The carmaker was also the worst stock on a percentage basis, losing 5.2%. The next weakest was Bank of America ( BAC), down 5% at $10.75. Looks like Washington wants some change on the board there.

Intel ( INTC) and Pfizer ( PFE) were each giving back about 2.2%.

Meanwhile, Alcoa ( AA) was gaining 4% to $9.10 after Goldman Sachs had positive comments, but the only other winner of note was Microsoft ( MSFT), up 1.4% at $20.34.

I know. A little on the dull side. Don't worry. Weekend's almost here.

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