Wall Street Resumes Selloff on Oil

Last Wednesday, Wall Street resumed its selloff after oil hit a new record. There was a report that came out that sounded like General Motors Corp. could run out of cash. The stock marker had the lowest close since August 2006. The last bear market ended in October 2002. There were fears that General Motors could go so far as to declare bankruptcy. That was scary if you were holding a lot of their stock. You can't blame them, can you? I think though I would hang onto the stock, rather than take a big loss because it is bound to eventually come back and you will be glad you did. The stock closed below the $10 mark for the first time since September l954. With all the gas guzzlers being traded now for a lot of used cars, the used car markets are doing the best business ever. This has got to hurt General Motors a great deal, along with other car manufacturers.