Income Falls, Stocks Sink, GM Makes Hasty Retreat

July income figures smacked down to the lowest point in 3 years combined with slowing consumer spending and rising oil prices sunk the stock market today. The DJIA fell -170.74 to 11544.44, the Nasdaq gave back -44.12 to 2367.52 and the broad based S&P 500 dropped -17.93 to 1282.75.

General Motors (GM | Quote | Chart | News | PowerRating) - The Beleaguered US auto giant fell 3% or 31 cents to $10.31/share on news of offering early retirement packages to 9000 workers, about 28% of the workforce in an extremely aggressive cost cutting attempt.

Fannie Mae (FNM | Quote | Chart | News | PowerRating) fell for the first time this week, giving up 14.21% or $1.13 to $6.82/share due to the Bank of China cutting its stake in the fallen US mortgage company.

FujiFilm (FUJI | Quote | Chart | News | PowerRating) cut its annual outlook leading investment banks to lower projections. The stock fell 9.19% or $2.78 to $27.46/share on the news.

Popular Inc (BPOP | Quote | Chart | News | PowerRating) climbed 12.72% or .92 cents to $8.15 after the owner of Puerto Rico’s largest bank agreed to spin off its sub prime home loan division to Goldman Sachs.

Oil climbed 1 cent to $115.60/barrel, Gold fell $1.80 to $835.40/oz and the VIX soared 6.28% to 20.65 indicating fear is seeping back into the market.

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