GM shares tumble 31 percent to 58-year low

Shares of General Motors Corp. lost nearly one-third of their value Thursday, plunging to their lowest level in more than 58 years after Standard & Poor's said the automaker's credit could fall further into junk status due to the "rapidly weakening state" of the global automotive market. GM shares plummeted $2.15, or 31.1 percent, to close at $4.76 after falling as low as $4.65. That low marked the automaker's lowest trade since March 15, 1950, according to the Center for Research in Security Prices at the University of Chicago. At that time, the Korean War was three months away from beginning, and gasoline cost 27 cents a gallon. Thursday marked the sixth straight day of losses for GM. The automaker's shares are down 50 percent from their close of $9.45 at the end of last month. Brett Hoselton, an analyst who follows GM... [read full story]