Stocks Rebound on GM News

Markets edge upwards after big fall early in the session
By Sam Gale Rosen,  Newser Staff
Posted Jul 1, 2008 3:31 PM CDT
Traders gather at a post on the floor of the New York Stock Exchange, Tuesday July 1, 2008. Wall Street gave up more ground at the start of the third quarter Tuesday, with stocks falling on investors'...   (AP Photo/Richard Drew)
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(Newser) – Stocks rebounded from an early slump today after a better-than-expected sales report from General Motors, the Wall Street Journal reports. The GM news also pushed up stocks of other troubled automakers. The Dow ended up 32.25 at 11,382.26, the Nasdaq up 11.99 at 2,304.97, and the S&P 500 up 4.91 at 1,284.91.

The markets seesawed wildly for much of today's session, reports the Journal. Meanwhile, analysts and investors are deeply worried over a potentially serious decline in consumer spending. "There's a lot of pushback going on in the consumer sector right now," said a JP Morgan economist.