STOCKS NEWS US-Markets turn lower on fear of no auto bailout

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U.S. stock market report [.N] 1427 ET 10Dec2008-Markets turn lower on fear of no auto bailout ------------------------------------------------------------------------------

Major U.S. indexes erased early gains and turned lower in afternoon trading on Wednesday, as investors worried that a proposed rescue of the U.S. auto industry would face headwinds. [ID:nN10462170]

The Dow Jones industrial average .DJI fell 0.2 percent to 8,671.98 while the S&P 500 .SPX was down 0.1 percent to 887.66 and the Nasdaq .IXIC dipped 0.2 percent to 1,544.16.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1405 ET 10Dec2008-Citi upgrades Bristol-Myers Squibb to buy ------------------------------------------------------------------------------

Citi Wednesday upgraded Bristol-Myers Squibb (BMY.N) to buy from hold, saying the pharmaceutical company offers "one of the best three-year growth rates amongst its peer group." The firm also said that the company's dividend appeared secured and that it had "robust" operating cash flow.

Citi upped its price target on Bristol to $25 from $20.

Shares of Bristol gained 3.7 percent to $21.15 on Wednesday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1349 ET 10Dec2008-Merrill sees GDP shrinking by 2 pct in 2009 ------------------------------------------------------------------------------