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Ford shares tumbled 17.6 percent to 5.01 dollars after the second-largest U.S. automaker said it will issue 300 million shares of common stock in a public offering and use at least some of the money for a union-run medical trust. In addition, Anadarko, the second-largest independent U.S. oil and natural gas producer, slumped six percent as the company plans to sell 30 million shares.
Meanwhile, General Motors plunged more than 20 percent, as the market worried that the bankruptcy of the auto giant is more likely.
Energy shares were boosted as the crude futures in New York topped 60 U.S. dollars a barrel, the highest trading price in about 6 months. Exxon Mobil Corp rose 1.55 dollars, or 2.24 percent, to 70.82 dollars a share.
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Traders work on the floor of the New York Stock Exchange, April 27, 2009. Dow managed a 50-point gain while S&P and Nasdaq fell on Tuesday |
In economic news, U.S. trade gap widened in March for the first time in eight months, signaling weak overseas demand.
Investors are focused on the nation's consumer spending, which accounts for around 70 percent of the U.S. economy. First-quarter earnings results are expected from retail giants such as Wal-Mart Stores Inc. and Macy's Inc. this week. And the U.S. Commerce Department will report retail sales for April on Wednesday.
The Dow Jones rose 50.34, or 0.60 percent, to 8,469.11. Broader indexes traded lower. The Standard & Poor's 500 index dipped 0.89,or 0.10 percent, to 908.35, and the Nasdaq fell 15.32, or 0.88 percent, to 1,715.92.