GM Saved, Stocks Rally, Apple’s Jobs Rumor
Stocks rallied today on news of an additional $6 billion dollar cash infusion into GMAC, the financing arm of General Motors. This capital is expected to unfreeze auto financing making it easier for consumers to purchase cars. This good word counteracted terrible data from the retail and real estate sectors with the DJIA climbing +184.46 to 8,668.39, the Nasdaq adding +40.38 to 1,550.70, and the broad based S&P 500 advancing +21.22 to 890.64.
Apple
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PowerRating) – Rumors of Steve Jobs being in extremely poor health pushed the company down over 1% intraday with it ending the session down 0.37% or 0.32 cents to $82.29/share.
General Motors
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Rick’s Cabaret
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Savient Pharmaceuticals
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Gold dropped $5.30 to $870.00, oil fell 0.99 cents to $39.15 and the VIX index gave back 5.17% to 41.63 on contracting volatility and lifting market nervousness.
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