WDET News
- GM Stock Rises From Five Decade Low
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Jul 11, 2008Automotive & Business
General Motors stock closed the day up slightly…after reaching its lowest price in more than five decades. WDET’s Jerome Vaughn has more.
SOQ
GM closed trading at $9.92 per share…up 23 cents for the day. That’s a rise of nearly 2.4 percent.
The automaker’s stock fell to $9.14 in early morning trading, but rose throughout the day. Before this week, the last time GM shares sold for that little was in the mid-1950’s.
Traders began unloading GM shares earlier this week as fears of a possible bankruptcy began to circulate. Chairman and CEO Rick Wagoner says recent comments about the possibility of bankruptcy were neither constructive nor accurate. He says the company has sufficient cash and credit to weather the present economic downturn.
GM sales have fallen dramatically this year as the result of dwindling consumer confidence in the economy and record high gas prices.