Markets edge up as GM sells Saturn
U.S. markets recovered from early losses Friday after General Motors Corp. struck a deal to sell Saturn to Penske Automotive Group.
Terms of the deal were not disclosed, but GM said the deal would rescue 13,000 jobs and more than 350 dealerships, threatened by GM’s bankruptcy filing.
Markets got off to a slow start after the Department of Labor said the unemployment rate jumped 0.5 percentage points to 9.4 percent in May.
The department said the country has lost 7 million jobs lost since December 2007.
In early afternoon trading, the Dow Jones industrial average gained 47.98 points, or .0.55 percent, to 8,798.22. The Standard & Poor’s 500 rose 0.14 percent, 1.33 points, to 943.79. The Nasdaq composite index added 2.29 points, 0.12 percent, to 1,852.31.
The benchmark 10-year U.S. Treasury bond fell 1 2/32 to yield 3.848 percent.
The euro fell to $1.3987, compared to Thursday’s $1.4183. Against the Japanese yen, the dollar rose to 98.12 yen, compared to Thursday’s 96.77 yen.
In Tokyo, the Nikkei average gained 99.05 points to 9,768.01, up 1.02 percent.
In London, the FTSE 100 index rose 1.18 percent, 51.62 points, to 4,438.56.