Monday, April 27, 2009

The swine flu prompted investors to take stocks lower in the early going, but the market has remained resilient after General Motors announced a restructuring plan.

The bailed-out automaker announced that it plans to cut 21,000 jobs and ask the government to take company stock in exchange for half of GM's government debt.

Investors grew less worried about a bankruptcy for GM, overcoming worries that the swine flu could spread and slam economies around the world.

Even so, stocks of many airlines, hotels and other travel-related companies posted sharp losses.