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Stocks decelerate; GM turns a corner

Tuesday, December 10, 2013 - 02:07

Dec. 10 - Summary: Stocks slip as Federal Reserve decision nears; General Motors drives through glass ceiling with CEO pick; Twitter tops $52 for first time; Regulators approve new bank rules; Lululemon founder steps down. Conway G. Gittens reports.

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Investors appear to be marking time ahead of next week's meeting of the Federal Reserve and without any economic data to sway sentiment. The S&P 500 drifted from the record high set on Monday amid a minor pullback for the market. It's a new day at General Motors. Mary Barra, a highly regarded GM insider, will take over as CEO in January, replacing current CEO Dan Akerson, who is stepping down earlier than planned. Both are credited with reviving GM from near extinction during the financial crisis. And in a video posted on the web, Barra acknowledges a new focus as a result of that difficult period. SOUNDBITE: MARY BARRA, INCOMING CEO, GENERAL MOTORS (ENGLISH) SAYING: "We're dedicated to the customer. We're dedicated to making sure we have great products and we are dedicated to winning." Her appointment as the first woman to lead a major U.S. auto company comes one day after the Treasury announced that it sold off the stake it picked up as part of the $49-1/2 billion bailout. The stock, however, didn't have the response you would expect. Shares of GM - down more than one percent for the day. Twitter flies to a new record. Optimism regarding advertising and audience measurements likely caught investors who were betting the stock would go down off guard, according to an analyst. Shares of Twitter touched a post-IPO high above $52 a share. Regulators - approving a stiffer version of the so-called Volcker rule banning Wall Street banks from making bets for their own accounts, instead of trading on behalf of clients. But the rule is not expected to seriously damage bank profits - so shares of the likes of Goldman Sachs and JPMorgan Chase ended higher. Lululemon's "pants-gate" claims another victim and I'm not talking about the ladies who were exposed by those sheer yoga pants. The founder of the high-end athletic apparel company stepped down as Non-Executive Chairman. The CEO announced in June that she was resigning. To investors, the future remains opaque, sending the stock down 1.7 percent. On to Europe now - markets were down due to concerns about Swiss exports.

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Stocks decelerate; GM turns a corner

Tuesday, December 10, 2013 - 02:07