Updated from 1:35 p.m. EDTGeneral Electric ( GE) lost its pristine credit rating from S&P on Thursday, the latest in a series of events that have shaken confidence in the industrial giant's financial health. S&P downgraded GE's top-notch "AAA" rating one tick to an "AA+," almost two weeks after the firm cut its dividend by more than one-third to 10 cents a quarter. Fears about GE Capital, the company's finance arm, had pushed GE's GE stock down to fresh lows not seen in over 10 years. However, its shares surged 12.7% to close at $9.57 Thursday, as investors factored in the company's strong rebuttal to the downgrade. Short sellers covering their positions likely played a part in making GE the leading component in the Dow Jones Industrial Average as well, as the DJIA gained nearly 100 points.