Post by oldsauroraman1 on Jul 2, 2005 7:36:14 GMT -6
Finally someone thought of a good idea at GM. Lower prices on cars, sells more cars. 
General Motors stock shot up 1.9 percent, or 65 cents, to $34.65 after the world's largest automaker reported that U.S. sales surged 41 percent in June. [ID:nN01607245] General Motors credited an aggressive "Employee Discount for Everyone" incentive program for its skyrocketing sales.
Shares of Ford Motor Co.<F.N> rose 0.7 percent, or just 7 cents, to $10.31 after the company reported a 1 percent increase in unadjusted monthly U.S. auto sales. But on an adjusted basis, Ford's U.S. sales of new cars and trucks fell for the 13th consecutive month in June.
"Autos are doing better as car sales are better," said Larry Peruzzi, senior equity trader at The Boston Co. Asset Management. "Oil prices are bouncing back and helping the energy companies."
On Friday, crude oil for August delivery settled up $2.25 at $58.75 a barrel, lifted by short covering before the long weekend for the U.S. Independence Day holiday on Monday. Still, that settlement price marked a retreat from Monday, when NYMEX August crude hit a record $60.95.
U.S. financial and commodity futures markets will be closed on Monday for the Independence Day holiday.
Shares of Dow component Exxon Mobil Corp. <XOM.N> rose 1.5 percent, or 84 cents, to $58.31, boosted by the climb in crude prices.
The American Stock Exchange index of energy companies <.OIX> gained 2.3 percent.
General Motors stock shot up 1.9 percent, or 65 cents, to $34.65 after the world's largest automaker reported that U.S. sales surged 41 percent in June. [ID:nN01607245] General Motors credited an aggressive "Employee Discount for Everyone" incentive program for its skyrocketing sales.
Shares of Ford Motor Co.<F.N> rose 0.7 percent, or just 7 cents, to $10.31 after the company reported a 1 percent increase in unadjusted monthly U.S. auto sales. But on an adjusted basis, Ford's U.S. sales of new cars and trucks fell for the 13th consecutive month in June.
"Autos are doing better as car sales are better," said Larry Peruzzi, senior equity trader at The Boston Co. Asset Management. "Oil prices are bouncing back and helping the energy companies."
On Friday, crude oil for August delivery settled up $2.25 at $58.75 a barrel, lifted by short covering before the long weekend for the U.S. Independence Day holiday on Monday. Still, that settlement price marked a retreat from Monday, when NYMEX August crude hit a record $60.95.
U.S. financial and commodity futures markets will be closed on Monday for the Independence Day holiday.
Shares of Dow component Exxon Mobil Corp. <XOM.N> rose 1.5 percent, or 84 cents, to $58.31, boosted by the climb in crude prices.
The American Stock Exchange index of energy companies <.OIX> gained 2.3 percent.