Stocks Take Modest Bounce

Dow up after disastrous session
By Kevin Spak,  Newser Staff
Posted Dec 2, 2008 8:48 AM CST
Traders work on the floor of the New York Stock Exchange, Tuesday afternoon Nov. 25, 2008   (AP Photo/Richard Drew)
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(Newser) – Stocks headed north this morning, after a grisly Monday that saw the Dow fall 7.7% and the S&P 500 drop 8.9%. Things looked less traumatic today, as the Dow rose a modest 68 points at the open, accompanied by 1.2% and 1.4% rises in the S&P and Nasdaq. Treasury notes gave up some of yesterday’s gains, but traders expect them to remain strong.

GE announced that its fourth quarter earnings will be on the low end of its guidance, at 50-52 cents per share, and that it may soon incur a $1 billion to $1.4 billion restructuring charge, but its stock rose 3% at the open. The Big Three, meanwhile, are set to release monthly sales data, and to again make their case before Congress for a bailout.