Wall Street falls as auto rescue hits snag

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By Leah Schnurr

NEW YORK (Reuters) - U.S. stocks fell on Wednesday on uncertainty over the fate of a proposed government bailout for U.S. automakers, but energy shares lifted by rising crude oil prices helped to limit losses.

Optimism that a financial lifeline for ailing automakers could be imminent had earlier provided support and lifted shares of General Motors Corp and Ford Motors Corp . But both companies fell in the afternoon on signs that the package may still face political hurdles.

GM was down 5.7 percent at $4.43, while Ford slipped 4 percent to $3.10.

"Even with a relief package that's going to measure well into the billions, there's also a recognition that it's not going to solve the industry's problems," said Matt Kaufler, portfolio manager and equity analyst at Federated Clover Investment Advisors in Rochester, New York.

"There's a big question in investors' minds as to how much this is going to really change."

The Dow Jones industrial average <.DJI> fell 35.36 points, or 0.41 percent, to 8,655.97. The Standard & Poor's 500 Index <.SPX> was down 2.47 points, or 0.28 percent, at 886.20. The Nasdaq Composite Index <.IXIC> was off 3.36 points, or 0.22 percent, to 1,543.98.

On the upside, energy and materials companies led the day after trade sources said Saudi Arabia, OPEC's largest oil exporter, informed major customers of a significant cut in supplies for January before next week's OPEC meeting.

Chevron and Exxon Mobil provided the Dow's biggest lifts, rising 2.4 percent to $77.35 and 1.4 percent to $79.31, respectively. Crude oil jumped more than 1 percent to $42.57 a barrel.

In the latest in the automakers attempt to secure aid, the White House said the government and congressional leaders had reached a "good conceptual agreement" on a plan to help the carmakers but had not yet agreed to a final bill.

However, Republican Sen. Richard Shelby of Alabama said he intended to slow the auto bailout bill.

(Editing by Kenneth Barry)

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