Stocks drop

NEW YORK - Stock prices are lower in early trading. The Dow Jones Industrial Average is down 145 points in today's early going.

The Nasdaq Composite Index is off 16 points and the Standard-and-Poor's 500 Stock Index is down 15 points.

Stocks have opened lower on news of Senate rejection of a $14 billion aid package for GM and Chrysler. The White House is sharply critical of the move, saying it will consider using the financial bailout fund to avert a collapse.
Also this morning, the Commerce Department said that retail sales fell 1.8 percent in November, led by a drop in auto sales.

The Labor Department reported that wholesale prices dropped for a fourth straight month in November.

Overseas markets have seen sharp declines in response to the failed auto bailout bill.

British Prime Minister Gordon Brown said European Union leaders have agreed on a $267 billion economic stimulus package to help their recession-slammed economies. Japan's Prime Minister also announced a new stimulus package to shore up his country's economy.