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U.S. stocks gain on GM's IPO | The Money Times

Money Matters - Simplified

U.S. stocks gain on GM's IPO

New York -- U.S. stock markets jumped out of the gate Thursday as the New York Stock Exchange welcomed General Motors back into the fold as a public company.

Listed as "GM," the automaker returned to public trading after undergoing bankruptcy in the summer of 2009 and paring down its assets.

Its initial public offering was on track to fall short of a record, but came close by raising more than $18 billion, The Wall Street Journal reported. In New York, GM was celebrated in lights, with cars parked in front of the New York Stock Exchange and in company T-shirts worn over button-down shirts and ties.

Most importantly, share prices rose. GM quickly added $1.81 or 5.48 percent to $34.82 from its initial share price.

In early afternoon trading, the DJIA added 178.91 points, 1.63 percent, to 11,186.79. The Standard & Poor's 500 was up 20.53, or 1.74 percent, to 1,199.12. The Nasdaq composite index gained 46.08, or 1.86 percent, to 2,522.09.

The benchmark 10-year Treasury note fell 11/32 to yield 2.923 percent.

The euro rose to $1.3622 from Wednesday's $1.3515. Against the yen, the dollar rose to 83.55 yen from Wednesday's 83.33 yen.

In Japan, the Nikkei 225 index gained 2.06 percent, 201.97, to 10,013.63, its first close above 10,000 since June.

In Britain, the FTSE 100 index added 1.34 percent, 76.15, to 5,768.71.

Copyright 2010 United Press International, Inc. (UPI).

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