NEW YORK, Dec. 30 (Chinese media) -- Wall Street won biggest
gains in two weeks on Tuesday after the U.S. government committed six billion
U.S. dollars to support GMAC LLC.
The U.S. Treasury will purchase a five billion stake
in GMAC, the financing arm of General Motors, and lend one billion to GM.
Investors felt further alleviated that the government made additional effort to
keep the largest U.S. automaker out of bankruptcy. GM and Ford rose strongly.
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 SP/Case-shiller index showed that home price
in 20 U.S. cities declined 18 percent in the 12 months to October, the fastest
rate on record.
Crude oil fell 99 cents to settle at 39.03 U.S.
dollars 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; and the Nasdaq climbed 40.38 to 1,550.70.
Posts
No comments:
Post a Comment