Stocks Rise On Reports Of GM Bondholder Agreement

By: Associated Press Email
By: Associated Press Email

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Thursday, May 28, 2009

Stocks are sharply higher amid reports that a General Motors Corp. bondholders committee accepted an amended debt offer.

Trading in GM shares is halted. CNBC is reporting that bondholders would get 10% of the equity in the company. That might still not spare the company from bankruptcy, however.

Stocks are higher after tumbling Wednesday on worries about rising borrowing costs.

Wall Street is also advancing as readings on jobless claims and big-ticket manufactured goods suggest the economy is stabilizing.

In the first minutes of trading, the Dow Jones industrial average is up 65 at 8,361. The Standard & Poor's 500 index is up 7 at 900, while the Nasdaq composite index is up 15 at 1,747.

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