Retail, media companies slip, as do indexes
U.S. stock indexes retreated from their record highs Thursday as retailers and media companies declined and investors shrugged at quarterly reports from a few big banks. AT&T had its worst one-day loss since 2008 after it said lost more satellite and cable TV subscribers in the third quarter. Industrial companies and household goods makers finished higher. The Standard & Poor’s 500 index fell 4.31 points, or 0.2 percent, to 2,550.93. The Dow Jones industrial average lost 31.88 points, or 0.1 percent, to 22,841.01. The Nasdaq composite dipped 12.04 points, or 0.2 percent, to 6,591.51. Those three indexes closed at record highs Wednesday. The Russell 2000 index of smaller-company stocks slumped 1.76 points, or 0.1 percent, to 1,505.16. Benchmark U.S. crude oil lost 70 cents, or 1.4 percent, to $50.60 a barrel in New York.
For inventory control, GM to shutter plant
General Motors plans to shutter a Detroit car factory for five weeks, laying off 1,500 workers as it tries to keep inventory under control. The Detroit-Hamtramck plant makes the Chevrolet Impala, Cadillac CT6, Buick Lacrosse and Chevrolet Volt gas-electric hybrid. It will be shut down through the end of the year starting Nov. 20. GM also plans to lower the assembly line speed at the plant starting Oct. 20. The company said fewer than 200 workers will be laid off on that date. GM said the action should stabilize production at the factory.