Auto Rescue Lifts Stocks

In some ways, these tiny days are a nice change of pace
By Kevin Spak,  Newser Staff
Posted Dec 19, 2008 8:53 AM CST
Traders work on the floor of the New York Stock Exchange Tuesday, Dec. 16, 2008.   (AP Photo)
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(Newser) – Stocks started off in the right direction this morning, buoyed by the White House’s rollout of its auto rescue plan. The Dow rose 67 points, while the S&P and Nasdaq added 0.7% and 1.6% respectively, the Wall Street Journal reports. President Bush announced a $17.4 billion loan designed to prevent bankruptcy for GM and Chrysler, removing a cloud that had darkened the market yesterday.

GM shares bounced 12.6% on the news, while Ford's climbed 5.6%. Other big movers included Oracle and Research In Motion, each of which issued better-than-expected forecasts, and saw shares rise 6.4% and 6.2% respectively in response.