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.
Every Stock's Higher(At 1:55 p.m. EDT) GM (GM) 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.
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