General Electric, at 2009 low, was Monday’s only bummer in the Dow
NEW YORK — General Electric’s shares continued to decline on Monday, even as the broader market rallied. The stock fell as much as 2.1 percent, extending last week’s 8.7 percent slump, to its lowest in almost nine years, before closing down 1.38 percent at $12.89.
The 126-year-old conglomerate stood out as the only red dot in the Dow Jones Industrial Average, with all other members of the benchmark trading higher. GE’s continued underperformance had led many to say that the corporation’s long stint on the index might be coming to an end, with Facebook touted as a possible replacement.
Late Sunday, the Wall Street Journal published an article on GE noting the risks from the company’s lending business, GE Capital.
In January, GE took a $6.2 billion fourth-quarter charge due to lingering problems in a legacy insurance business.