Wall Street falls sharply on dollar's drop

11:46 am ET Nov 7, 2007

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Wall Street falls sharply on dollar's drop

NEW YORK
Wall Street on Wednesday fell sharply, its path greased by the dollar's
fall to record lows, surging oil prices and General Motors Corp.'s
largest quarterly loss ever.

Metals Stocks: Gold surges 2% to new 28-year high on dollar fall

NEW YORK
Gold futures surged to their highest level since 1980 on Wednesday, as a
broad-based sell-off in the U.S. dollar boosted the metal's appeal as an
inflation hedge and a safe haven.

General Motors records $39 billion loss on tax charge

SAN FRANCISCO
General Motors Corp. on Wednesday said its third-quarter loss ballooned
to $39 billion on a massive accounting charge, with the news rattling
investors as an unwelcome stall along the automaker's road to recovery.

Currencies: Dollar at new lows with China official talking currency
shift

SAN FRANCISCO
The already stumbling U.S. dollar fell to new lows on Wednesday, after a
top Chinese official called for the country to shift more of its huge
foreign-exchange stockpiles out of the beleaguered greenback.

Economic Report: Productivity rises 4.9%, fastest pace in 4 years

WASHINGTON
The productivity of the U.S. nonfarm workplace jumped at an annual rate
of 4.9% in the third quarter, the fastest growth in four years, the
Labor Department reported Wednesday.