Wednesday, November 19th, 2008...9:15 am
Ford stock soars 25 percent; GM up 11 percent
Ford’s market capitalization jumped by $2.3 billion on Tuesday to $11.76 billion. Ford is still down 56 percent from its 52-week high. General Motors Corp. stock, which plunged to a 54-year-low Monday, gained most of its loss back Tuesday. GM stock closed at $9.45, up 94 cents, or 11.1 percent. GM’s stock fell 12.8 percent to $8.51 Monday, losing $1.25 a share, to fall to its lowest close since June 1954, according to the University of Chicago’s Center.
The Dow Jones Industrial Average, which lost 777 points on Monday, earned back 485 points Tuesday, up 4.7 percent. The S&P 500 was up 5.3 percent on Tuesday. Auto suppliers didn’t fare as well as automakers on Tuesday. Southfield-based Lear Corp., which fell to its lowest level since at least 1994, closing Monday at $10.55, down $1.20, or 10.2 percent, was unchanged on Tuesday. American Axle & Manufacturing Holdings was down 5.1 percent Tuesday to $5.36.
Arvin Meritor Inc was up 5.3 percent Tuesday to $13.04 Other auto stocks were mixed. Daimler AG fell again Tuesday, down $0.34 to $50.50, after falling $5.84, or 10.3 percent on Monday. Toyota Motor Corp. was up 2.7 percent Tuesday to $85.80, after falling 7.9 percent Monday. You can reach David Shepardson at (202) 662 - 8735 or dshepardson .
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