There is intense focus on General Electric today as its credit default swaps gap out to levels usually associated with junk issuers. GE is a rare AAA credit, so markets are clearly concerned about credit in general and at GE, with its large financial services arm, in particular.
The cross currents in the markets are intense today. Europe is sliding into crisis despite months of protestation to the contrary while the US economy slows more rapidly. This prompts concerns of a sharp slowdown of global growth, which weighs on emerging markets and causes capital to flow back to whence it came. Trillions have flowed from US markets to overseas bourses in recent years but the present environment is causing those investments to be repatriated. This supports the dollar, as do fears of crisis in Europe intensify. the market is very concerned Europe does not have the tools to deal with the crisis effectively.