Stocks Rebound on GM News

Traders still confident that Bernanke will cut rates; GM leads upward trend

(NEWSER) - Tech and energy stocks led a rally at the end of today's session on Wall Street, as rumors of an interest-rate cut multiplied and traders examined indications that earnings would outpace prices in the two sectors. GM was up 6.1% as the Dow jumped 91.12 to 13448.86, but component Home Depot slowed extra gains by announcing a major buyback. More»

Government trying to unwind stock without losing on the deal

(NEWSER) - The Treasury Department has had a tough time selling off some of the stock it took on in exchange for TARP bailout funds, meaning taxpayers are still on the hook for some $132.9 billion—some of which they may never get back, according to a report released today by the government watchdog overseeing the program. Selling the stock has been complicated by swingy stock market prices, and deep dips in some of the bailed out companies, the AP reports. More»

US' downgraded credit rocks Wall Street in punishing session

(NEWSER) - The Dow Jones plummeted under 11,000 today, dropping 635 points as the United States' downgraded credit rating punished the markets. The drubbing took the Dow down 5.55% to 10,810, reports MarketWatch . The Nasdaq and S&P 500 bled more, shedding 6.90% and 6.66% respectively. More»

(NEWSER) - Stocks surged today on positive data about personal income, manufacturing, and the long-awaited announcement of General Motors’ bankruptcy. “There is a positive, relief reaction to this filing,” one analyst told the Wall Street Journal. “It’s been hanging over all of our heads.” Energy and construction stocks also saw big bumps. The Dow was up 221.11 to 8,721.44. The S&P gained 23.73, ending at 942.87. And the Nasdaq rose 54.35 to 1,828.68. More»

Overhauls drive firms off Industrial Average, says editor

(NEWSER) - General Motors and Citigroup are losing their spots on the Dow Jones Industrial Average after GM filed for bankruptcy, MarketWatch reports. Replacing them are Cisco Systems and The Travelers Companies. “A bankruptcy filing immediately disqualifies a stock regardless of a company's history or its role as a cultural icon,” said Dow Jones’ editor-in-chief. More»