Dow Watch: JPMorgan Jumps, GM Ticks Up

Updated from 2:04 p.m. EDT

And Tomorrow's Already Wednesday

(At 5:35 p.m. EDT)

Thanks to a much better than expected reading on consumer confidence, Wall Street had an upbeat start to a short week. The Dow Jones Industrial Average rose 196.17 points, or 2.4%, to 8473.49 Tuesday as 28 of its 30 stocks advanced.

JPMorgan Chase (JPM Quote) was the best performer on a percentage basis, up 6.2% to $36.54. American Express (AXP Quote) gained 5% to $24.57, and Alcoa (AA Quote) added 4.6% to $9.27.

Only Bank of America (BAC Quote), off 0.8% at $10.98, and Coca-Cola (KO Quote), down 0.2% at $47.21, fell.

The story though, was GM (GM Quote), which appears to have made some progress with the auto workers. However, bankruptcy watch has never been more intense than it will be in the coming days. The company needs bondholders to agree to exchange their debt for equity, and reports suggest it's not looking good for the automaker's offer.

Shares tacked on 1 cent to $1.44 on volume that was more than seven times the daily average.

We'll know more in a few hours. Stay tuned.

Every Stock's Higher

(At 1:55 p.m. EDT)

GM (GM Quote) went from being the worst performer on the Dow all the way to positive territory as the automaker scrambled to stay out of bankruptcy court.

Just days ahead of a government deadline to prove its viability, GM has reached an agreement that will give 17.5% of its common stock, along with warrants, preferred stock and a $2.5 billion note, to the UAW's health-care Voluntary Employee Beneficiary Association, The Wall Street Journal reported.

Meanwhile, retiree benefits will be cut immediately, the paper said. The Associated Press reported that most hourly employees will get buyout offers or requests to retire early.