Stocks finish mixed
Published: December 19, 2008
Stocks closed mixed, but little changed today as investors considered the ramification of the government’s plan to help the ailing auto industry.
The Dow Jones industrial average finished with a loss of 26 points at 8,579 and down 50 points on the week. However, advancing issues on the New York Stock Exchange led losers nearly 2-1, on volume of 5.5 billion shares. The Nasdaq composite index was up 12 points at the 1,564 level, a gain of 23 for the week. Roughly 2.5 billion shares traded on the tech-heavy exchange. And the S&P 500 added two points, closing at 887, up eight points for the week.
Stocks fluctuated throughout the session as investors cheered the government’s pledge to help U.S. automakers but remained dubious that the $17.4 billion in loans will make a lasting difference.
The White House decision to provide emergency help came after a $14-billion bailout for Detroit failed to make it out of the Senate last week.
In making the money available to General Motors and Chrysler, the White House attached conditions, including proof of viability and the ability to pay back government loans.
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