LEAD: N.Y. stocks turn up on gov't plan to use rescue fund for autos.
(EDS: RECASTING WITH CLOSING)
New York stocks ended higher Friday after losing ground, as the White House hinted at a plan to tap into a financial rescue fund to help the embattled auto industry following the Senate's rejection of a $14 billion bailout plan for the industry.
The Dow Jones Industrial Average, which fell 196.33 points Thursday, gained 64.59 points to 8,629.68.
The tech-heavy Nasdaq Composite Index, a 57.60 point loser, rose 32.84 points to 1,540.72.
Sell-offs hit the stock market early morning as investors braced for a possible collapse of General Motors Corp. and Chrysler LLC, both of which have said they would run out of cash within weeks without government financial support.
The bailout plan, aimed at rescuing two of the Big Three carmakers, passed the House of Representatives on Wednesday. But the Senate rejected it Thursday as the United Auto Workers did not accept a Republican proposal for big wage cuts.
But traders shifted to the buying side in response to news that the U.S. government may dip into the $700 billion rescue fund to save the auto industry.
|Printer friendly Cite/link Email Feedback|
|Publication:||Japan Weekly Monitor|
|Date:||Dec 15, 2008|
|Previous Article:||REFILING: Kyodo economic news summary -7-.|
|Next Article:||LEAD: Dollar trades in lower 91 yen range in N.Y.|