Stocks Waning, but Auto Sales Strong (GM, F)

After two weeks of strong earnings which helped bolster market performance, stocks appear to be weakening. On the industry front, however, there is good news. Factory orders were up in March, making it their fifth consecutive month of increases. Moreover, auto sales were very strong in April, in spite of rising gas prices. General Motors (GM) saw a 26 percent increase in sales, and Ford (F) saw a 10 percent increase. In other news, Germany’s biggest lending bank, Deutsche Bank AG, is being sued by the U.S. Government for reportedly misleading U.S. authorities to qualify for a government program.

Word on the Street

• Stocks appear to be stagnating after a strong two week period.
• General Motors (GM) and Ford (F) saw double-digit growth in car sales in April.
• The dollar rose against the Euro and the Pound.
• Factory orders were dramatically up in March.
• The U.S. Government is suing Deutsche Bank for fraud.
• 10-year yields are at a six-week low.

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