The market shook off the Chapter 11 bankruptcy filing of the third-largest automaker in the U.S., Chrysler LLC, not falling flat on its face as it might have done just weeks ago when any bad news kept investors out of the market. Ironically, auto stocks seemed resilient as Ford Motor Co. (NYSE:F) and General Motors Corp. (NYSE:GM) finished in the green. Meanwhile, the Dow slipped in late-day trading, closing down 17.61, or 0.22%, at 8,168.12, while the Nasdaq finished up 5.36, or 0.31%, at 1,717.30.
The long anticipated Chrysler filing has finally come, but what many are wondering is if GM is next. President Obama, however, remains optimistic: "I have every confidence that Chrysler will emerge from this process stronger and more competitive."
Investors responded for at least one day that a GM bankruptcy would not happen as GM shares finished up 11 cents, or 6.08%, at $1.92, while Ford shares closed up 53 cents, or 9.72%, at $5.98. - Gerald Magpily
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