Markets Down on Bad Economic Data (GM, YHOO)

Major indices were down today on a slew of bad economic data. 30-year mortgage rates hit 3.84 percent, an all time low. In corporate news, GM’s (GM) net income fell almost by half year over year. A hedge fund sent a letter to the Yahoo (YHOO) board questioning CEO Scott Thompson’s background.

Word on the Street

• Service sector data sent stocks down today.
• 30-year fixed mortgage rates hit a record low.
• US unemployment claims fell by 27,000.
• 9 of 20 retailers tracked by Reuters missed analyst expectations in April.
• GM (GM) earnings plummeted in Q1.
• Yahoo (YHOO) had its CEO’s credentials challenged by a hedge fund.

Interesting Tidbits

• Will the rent be too damn high for Bernanke?
• The Fed’s Jelly Donut Policy