Stocks Rally, GM Up 25%

Not terribly convincing, but a win’s a win (if you’re long). The Dow gained 53.92, closing at 7,223.98, while the NASDAQ, while the S&P gained over 5%.

At a whopping $1.78, Citigroup gained 71% on the week. Also up big today: GM of all companies, gaining 24.7% after news that they reached a deal with a local UAW chapter. Not much, but it’s something.

Presumably, this opens the door to some kind of bailout that protects shareholders, since without that there’s a 0% chance of it happening. It still seems like a real long shot that GM equity holders will wind up with anything.

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