NEW YORK — Shares of General Motors lost nearly one- third of their value Thursday, plunging to their lowest level in more than 58 years after Standard & Poor’s said the automaker’s credit could fall further into junk status because of the “rapidly weakening state” of the global automotive market.
GM shares plummeted $2.15, or 31.1 percent, to close at $4.76 after falling as low as $4.65. That low marked the automaker’s lowest trade since March 15, 1950, according to the Center for Research in Security Prices at the University of Chicago. At that time, the Korean War was three months from beginning and gasoline cost 27 cents a gallon.
Thursday was the sixth straight day of losses for GM. Its shares are down 50 percent from their close of $9.45 at the end of September.
S&P did the same to Ford, helping send the Dearborn, Mich., company’s stock down 58 cents, or 21.8 percent, Thursday to close at $2.08.
Analysts have voiced concerns that the ongoing slump in U.S. vehicle sales could last longer than they previously expected and could spread to other parts of the world, particularly Europe.
