The Associated Press
Shares of automakers rose Thursday along with the broader market, two days after the companies posted their highest sales month in three years.
Research group Autodata Corp. said Tuesday that U.S. auto sales in August rose 20 percent from a year earlier to nearly 1.3 million. That made it the strongest sales month since August 2009.
Ford said Thursday that it will offer 15 new or restyled vehicles for the European market over the next five years. Demand for cars in Europe has dropped as the region's debt crisis continues to spread to bigger economies. Ford is hoping that its new releases will help boost sales there.Ford Motor Co. shares rose 34 cents, or 3.6 percent, to $9.91 in afternoon trading. Encouraging economic news from Europe and the U.S. also boosted auto shares. The European Central Bank unveiled a new bond-buying plan Thursday to help ease Europe's debt crisis. And the U.S. Labor Department said that fewer Americans applied for unemployment benefits last week. The Dow Jones industrial average rose about 2 percent. Other major indexes were higher as well. â¿¿ Shares of General Motors Co. rose 69 cents, or 3.2 percent, to $22.45. â¿¿ Shares of Honda Motor Co. rose 75 cents, or 2.4 percent, to $32.21. â¿¿ Shares of Toyota Motor Corp. rose $1.87, or 2.4 percent, to $80.31.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV