Closing Bell: General Motors IPO Pumps Up the Markets (GM, DRYS, EXEL, HUM, LTXC)

Filed under: S and P 500, DJIA, NASDAQ

No more Government Motors. Now it's just General Motors, like back in the good old days. The GM IPO raised $20.1 billion from investors today, and the stock has maintained a price throughout the day right around $2/share higher than the $33/share IPO price. Counteracting the bullish news from GM, the US Labor Department said that initial unemployment claims rose by 2,000 last week, to a seasonally adjusted 439,000. Not real good news, but this is near the lowest unemployment level in two years and the average has fallen by about 4.2% over the past five weeks.



The news from Ireland, where the government has been moving toward agreeing to a loan to bail out the country's faltering banks, has boosted the euro, but the gains have been small because traders worry about Portugal, Spain, and Italy needing a similar dose of lending. Yields on 10-year US Treasuries rose to 2.92% on signs of improvement in the US economy and a concomitant rise in risk appetite among investors.



Dow Jones 11,181.23 +173.35 (1.57%)

S&P 500 1,196.68 +18.09 (1.53%)

Nasdaq 2,514.40 +38.39 (1.55%)

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Closing Bell: General Motors IPO Pumps Up the Markets (GM, DRYS, EXEL, HUM, LTXC) originally appeared on BloggingStocks on Thu, 18 Nov 2010 16:00:00 EST. Please see our terms for use of feeds.

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