NEW YORK (Reuters) - Shares of General Motors and Ford Motor Co dropped on Wednesday after U.S. Senate Republican lawmaker Richard Shelby said he intended to slow the auto rescue bill down.
“There’s a lack of unity as to whether something will or will not happen on the auto bailout, and that’s partly why the market lost some ground too,” said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles.
GM shares fell 3 percent to $4.57, while Ford shares declined 4 percent to $3.10. Both stocks had initially traded higher.
Reporting by Ellis Mnyandu; Editing by James Dalgleish