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Consumer Corner: Foreclosure settlement no magic bullet for economy
NEW YORK, Dec. 30 (UPI) -- U.S. markets rose Tuesday after the Treasury said it would supply $6 billion for struggling automotive financial firm GMAC.
Seen as critical for General Motors Corp., the Treasury said late Monday it had already closed on a $5 billion equity purchasing plan and would loan General Motors $1 billion to invest in GMAC.
On a day void of major financial reports, the Dow Jones industrial average closed up 184.46 points, or 2.17 percent, to 8,668.39. The Standard & Poor's 500 gained 2.44 percent, 21.22 points, to 890.64. The Nasdaq composite index rose 2.67 percent, 40.38 points, to 1,550.70.
On the New York Stock Exchange, 1,548 stocks advanced and 591 declined on a volume of 3.5 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 10/32 to yield 2.082 percent.
The euro rose to $1.4074 compared to Monday's $1.3971. Against the Japanese yen, the dollar fell to 90.27 yen from Monday's. 90.61 yen.
In Tokyo, the Nikkei average gained 112.39 points to 8,859.56, up 1.28 percent.
In London, the FTSE 100 index gained 73.33 points, 1.7 percent, to 4,392.68.
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SYDNEY, Feb. 13 (UPI) --
Researchers in Australia are developing a solar roof system that uses wasted energy to warm air and water.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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