Stocks Rise On GMAC/Dollar Mostly Lower
Stocks Rise On GMAC/Dollar Mostly Lower
The U.S. Treasury announced late Monday it will commit $6 billion to support GMAC’s effort to become a bank holding company in an effort designed to increase the availability of financing for G.M.’s dealers and retail customers. The Fed has already approved the firm’s application.
The auto lender didn’t write a single lease in November, and issued 22% fewer auto loans in the third quarter compared with a year earlier. Ford also tightened lending while Chrysler exited loan financing altogether.
In recent trade, the DOW was moving 1.7% higher on the day. The broader S&P was higher by 1.7% and the NASDAQ by 2.1%. The dollar was mostly lower on the day, with a 1.2% declined alginate the euro, a 0.35 loss to the yen and a 0.1% fall to sterling. Crude was lower by 2.9% to $38.85 per barrel while gold lost 0.9% to $867.00.
Earlier economic reports indicated the recent economic weakness would continue; Standard & Poors reported that home prices declined 18% in the year to October, the second straight month of record declines. The Conference Board said that consumer confidence fell to a record low in December while a report from Chicago area purchasing managers said manufacturing remained near a 26-year low this month as prices dropped by the most in nearly 60 years
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