The S&P 500 rose 1.57 points, or 0.11%, to close at 1,404.17. The index is sitting at its best levels since June 2008 after logging a 2.4% gain in the past five sessions, its best weekly performance in three months. Year-to-date, the S&P 500 is up 11.5% on a price basis.
Ford shares fell 3.02% to $12.51. The company is extending the maturity of its $9 billion revolving credit line by two years, according to Bloomberg.
Ford shares trade at an estimated price-to-earnings ratio for next year of 7.42X; the average for car companies is 15.2X. For comparison, General Motors (GM) has a lower forward P/E of 5.5X.Fifteen of the 23 analysts who cover Ford rate it at buy; eight analysts give the stock a hold rating. TheStreet Ratings gives Ford a B grade with a buy rating and $14.39 price target. The stock has risen 16.26% year to date.