NEW YORK (
) -- Here are the top stock market headlines for the morning of Monday, Oct. 5, 2009.
Thursday's Early Headlines
- U.S. Indices to Finish with Best Performance Since 2003 -- The Dow Jones Industrial Average, S&P 500 and Nasdaq are set to finish 2009 with their best percentage gains in six years. The Dow is higher by 20.2%, the S&P 500 has gained 24.7%, and the Nasdaq has rallied a whopping 45.3% this year. Futures were slightly higher Friday, indicating a higher open for U.S. equities on what is expected to be a low volume, quiet day on Wall Street.
- GMAC Gets $3.8 Billion More in Aid -- GMAC Financial Services received an additional $3.79 billion from the U.S. Treasury Department as the added infusion raises the government's stake in the automotive lender to 56% from about 35%. The government had previously given GMAC aid of $12.5 billion. GMAC, in a statement late Wednesday, said the latest actions would protect it from "further adverse effects" related to Residential Capital, GMAC's mortgage division. GMAC said it was exploring strategic alternatives for the ResCap division.
- Probe Sought on Fannie, Freddie Aid -- Lawmakers from both political parties have asked for a probe into the Treasury Department's move to uncap potential aid to Fannie Mae and Freddie Mac. Rep. Dennis Kucinich (D., Ohio), who chairs the domestic policy subcommittee on the House Oversight and Government Reform panel, said his congressional subcommittee plans to investigate Treasury's decision to lift the existing $400 billion cap on government cash available to the two firms, The Wall Street Journal reports.
- AIG Confirms VP Kelly's Resignation Over Pay -- American International Group (AIG) - Get Report confirmed reports late Wednesday that Anastasia Kelly, vice chairman and general counsel, has resigned from the insurer, effective Dec. 30, due to a reduction in her salary. Kelly resigned for "good reason" under the terms of AIG's severance plan based on the reduction in her base salary that was mandated by the Special Master for Executive Compensation for TARP Recipients. Under the company's severance plan, whose terms say certain executives can resign and collect severance if their pay is reduced significantly, Kelly will take home several million, according to reports.
- China Criticizes U.S. Duties on Steel Pipes -- China on Thursday criticized a U.S. decision to slap antidumping duties on Chinese-made steel pipes, demanding that Washington reverse the move and saying its goods are no threat to American producer, according to an Associated Press report. The U.S. International Trade Commission decision will affect Chinese exports worth about $2.8 billion and is the biggest steel trade dispute in U.S. history.
-- Written by Robert Holmes in Boston
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