Congress was ready to present a deal to the White House to give automakers a $15 billion lifeline through the winter months. Stocks opened higher with the Dow rising over 100 points to 8804 while
Nasdaq climbed 22 points to 1570.
On the upside
Rio Tinto Group (NYSE: RTP) announced plans to cut 14,000 jobs or 12.5% of its workforce while selling assets in order to reduce its debt load of $6.6 billion.Shares of Office Depot (NYSE: ODP) edged higher after the company announced plans to shut down 112 stores.
Shares of DryShips (Nasdaq: DRYS) rallied again after the company cancelled plans to acquire 4 carriers. The stock had more than doubled in price in a week.
On the downside
SunTrust (NYSE: STI) received approval to secure an extra $1.4 billion in bailout funds. The regional bank had previously tapped $3.5 billion. Analysts promptly downgraded the stock.
An analyst downgraded Axsys Technologies (Nasdaq: AXYS). The company makes surveillance systems and optical devices for military and commercial applications.
In the broad market, advancing issues outpaced decliners by a margin
of nearly 3 to 1 on both the NYSE and on Nasdaq. The Russell 2000
which tracks small cap stocks rose 9 points to 475.
