Thursday, 20 November 2008

GM, Ford shares soar on bailout optimism

NEW YORK (Reuters) - Shares of General Motors (GM.N: Quote, Profile, Research, Stock Buzz) and Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) soared on Thursday after a Senate Democratic aide said senators had reached agreement on a bipartisan auto aid deal.

GM shares jumped more than 23 percent to $3.43 on the New York Stock Exchange, while shares of Ford climbed more than 34 percent to $1.69.

The big-three U.S. automakers, including Chrysler, are pressing for a $25 billion bailout from the government to avert possible bankruptcy.

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