Search: Look for:   Last 1 Month   Last 6 Months   All time
Home :: World

US stocks rally as GMAC gets financing

Americas, Wed, 31 Dec 2008 IANS

New York, Dec 31 (Xinhua) Wall Street staged a big leap Tuesday after the US government announced a $6 billion bailout-package for General Motors' financing arm GMAC.

 

As per the agreement, the US Treasury will purchase a $5 billion stake in GMAC and lend $1 billion to General Motors. Investors felt further alleviated after the government made additional effort to keep the largest US automaker out of bankruptcy.

 

 

The market continuously shrugged off dismal economic data. The Conference Board's Consumer Confidence index dropped to 38 in December from a revised 44.7 in November. Wall Street had expected a slight rise in December from 44.9 in November.

 

 

The S&P/Case-shiller index showed that home price in 20 US cities fell 18 percent in the 12 months to October, the fastest rate on record.

 

 

The crude oil price fell 99 cents to settle at $39.03 a barrel on the New York Mercantile Exchange as investors continued to worry about the economic conditions.

 

 

The Dow Jones rose 184.46 to 8,668.39. Broader indexes also moved higher. The Standard & Poor's 500 index gained 21.22 to 890. 60, while the Nasdaq climbed 40.38 to 1,550.70.

 


LATEST IMAGES
Chief Operating Officer The Art Institute of Chicago calls on the PM Modi
Pranab Mukherjee with the Students and Children from Imphal attending
Pranab Mukherjee at the Lohri Festival Celebration at President's Estate
Sadhguru Jaggi Vasudev calling on the Prime Minister Narendra Modi
Pranab Mukherjee visiting Srivari Temple 'Tirupati' in Andhra Pradesh

Lalu Prasad Yadav supported of Akhilesh government in UP
January 19, 2017 at 1:17 PM

Protest over Jallikattu outside the Tamil Nadu Bhavan in Delhi
January 19, 2017 at 1:10 PM

Cadaques Spain Part III
January 19, 2017 at 1:02 PM

Cadaques Spain Part II
January 19, 2017 at 1:00 PM

Cadaques Spain Part I
January 19, 2017 at 12:57 PM

2017 BMW S1000R Walkaround Part II
January 19, 2017 at 12:51 PM

View More Videos
Post comments:
Your Name (*) :
Your Email :
Your Phone :
Your Comment (*):
  Reload Image
 
 

Comments:


 

OTHER TOP STORIES


Excellent Hair Fall Treatment
Careers | Privacy Policy | Feedback | About Us | Contact Us | | Latest News
Copyright © 2015 NEWS TRACK India All rights reserved.