The markets traded lower during the midday with the Dow falling 41 points to 20,964. Nasdaq lost 20 points to 5,849.
General Motors will eliminate up to 1,100 jobs at its Lansing Delta Township plant in Michigan as it shifts production of the GMC Arcadia to an assembly facility in Spring Hill, Tennessee. The next generation GMC Arcadia will be built on a smaller platform. The Michigan plant will continue to assemble the crossover SUVs Chevrolet Traverse and Buick Enclave, which are built on the same platform.
Deutsche Bank plans to raise approximately $8.5 billion through the issuance of new stock and other actions. The capital raise is the third time that the bank is increasing capital in four years and comes after posting a fourth quarter loss of $2 billion. Deutsche Bank will also reorganize its operations to improve efficiency and position to bank for significant growth.
France's PSA Groupe will acquire the European operations of General Motors in a deal valued at approximately $2.2 billion. The acquisition will increase PSA's European market share to 17%. General Motors will retain financial responsibility for most of the Opel brand's European Union and United Kingdom pension plans.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index lost 7 points to 2,375. Bitcoin added $1 to $1,264.
