Trouble At GE as Dividend Is Cut in Half

With no economic reports to sway them, equity traders here were not able to gain much traction.  Oil remained just under $57 per barrel and the 10 year Treasury yield closed the day at 2.40%.  The  big news in the market was that General Electric cut its dividend for the first time since the Great Depression.  Not only was it cut, it was cut in half from 24 cents per share down to just 12.  The Dow managed to gain only 17 points on the day.