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
Auto Rescue Lifts Stocks
Traders work on the floor of the New York Stock Exchange Tuesday, Dec. 16, 2008.   (AP Photo)

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. (More stock market stories.)

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