The ink on the General Motors bankruptcy was still wet when they announced today that it had its strongest vehicle sales month in a year. Their deliveries of vehicles for May rose 11% or 19,000 to 191,875. This release was drowned out by the constantly growing list of creditors including Wilmington Trust, Deutsche Bank, Bank of New York Mellon and Visteon. And finally if anyone knows how to say Hummer in Chinese please leave it in the comments section below because the brand is now owned by private company Sichuan Tengzhong Heavy Industrial Machinery Co. For tomorrow many traders will be watching the ADP report which is expected to show a decline of 525,000 jobs in May.
Tuesday, June 2, 2009
Some Market Follow Through From Monday
The markets traded marginally higher all day today and finished with small gains on the three major indexes. The best news was the follow through which although small, is considered a positive sign after a big gain yesterday and steady increases over the past three days. The S & P 500 finished up 1.87 to 944.74 its highest level this year. The Dow and the Nasdaq finished up 19 and 8 points respectively, due in part to better than expected pending home sales numbers. The pending home sales index, which measures home sales where a contract has been signed but the transaction has yet to take place, rose 6.7% to 90.3 in April from 84.6 in March. It was the largest increase in more than seven years and 6.2% better than the expected. This helped home builders Toll Brothers, KB Home, Centex and Pulte Homes among others to post gains of around 3% each on the day.
The ink on the General Motors bankruptcy was still wet when they announced today that it had its strongest vehicle sales month in a year. Their deliveries of vehicles for May rose 11% or 19,000 to 191,875. This release was drowned out by the constantly growing list of creditors including Wilmington Trust, Deutsche Bank, Bank of New York Mellon and Visteon. And finally if anyone knows how to say Hummer in Chinese please leave it in the comments section below because the brand is now owned by private company Sichuan Tengzhong Heavy Industrial Machinery Co. For tomorrow many traders will be watching the ADP report which is expected to show a decline of 525,000 jobs in May.
The ink on the General Motors bankruptcy was still wet when they announced today that it had its strongest vehicle sales month in a year. Their deliveries of vehicles for May rose 11% or 19,000 to 191,875. This release was drowned out by the constantly growing list of creditors including Wilmington Trust, Deutsche Bank, Bank of New York Mellon and Visteon. And finally if anyone knows how to say Hummer in Chinese please leave it in the comments section below because the brand is now owned by private company Sichuan Tengzhong Heavy Industrial Machinery Co. For tomorrow many traders will be watching the ADP report which is expected to show a decline of 525,000 jobs in May.
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