Stocks dip as GM gets closer to bankruptcy

NEW YORK - Wall Street's rally is going back on hold as General Motors takes another step toward bankruptcy court.

Stocks are moderately lower in early trading Wednesday after a rally Tuesday. GM said not enough bondholders agreed to swap their debt for company stock.

The automaker has until Monday to finish restructuring or file for bankruptcy. The announcement has damped the mood of investors who had grown more optimistic about the economy after Tuesday's positive reading on consumer confidence.

In the first minutes of trading, the Dow Jones industrial average is down 15 at 8,458. The Standard & Poor's 500 index is down 1 at 909, while the Nasdaq composite index is down 6 at 1,743.