This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bulls Shake Negativity, Eke Out a Win

Updated from 4:11 p.m. EST

Stocks in New York managed to close in slightly positive territory Friday despite news of a stalled relief plan for U.S. automakers.

The Dow Jones Industrial Average, down as much as 217 points early on, ended up 64.59 points, or 0.8%, at 8629.68. The S&P 500 edged up 6.15 points, or 0.7%, at 879.74, and the Nasdaq gained 32.84 points, or 2.2%, to 1540.72.

For the week, the Dow lost 0.1%, the S&P added 0.4%, and the Nasdaq added 2%.

A federal rescue plan for Detroit's Big Three automakers failed to pass the Senate late Thursday after the United Auto Workers union refused Republicans' demand for aggressive wage reductions. The House had already approved the plan to provide aid to Ford (F), General Motors (GM) and Chrysler.

The Senate voted 52-35 against the bailout in a procedural vote. It needed 60 votes to pass. According to Washington officials, the bill might not resurface until the new year.

Chrysler and GM, though, have said they may have only weeks of sustainability remaining. Even before the vote failed, GM hired advisers to help it decide whether to file for bankruptcy, according to a report in The Wall Street Journal.

"It would have been a stop-gap measure for a few months, not a bailout," says Michael Strauss, chief economist and market strategist, Commonfund. "But Washington officials are politicians, and unfortunately they focused on a political agenda, not a solution to the problem."

In response to the bill's failure, the White House said it might now be willing to use money drawn from the $700 billion Wall Street bailout, known as the Troubled Asset Relief Program (TARP). The Treasury also said it's prepared to pitch in.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,077.57 -35.97 -0.21%
S&P 500 1,984.05 +0.52 0.03%
NASDAQ 4,463.0030 +6.9870 0.16%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs