GM shares nearly double from historic low
Shares of General Motors yesterday reached levels that nearly doubled their value from half-century lows set earlier this month.
GM shares closed at $14.58 a share, up 26 cents, or 1.82 percent. Shares of GM had traded as high as $16.43, or up almost $1.75 a share, in earlier trading today. Earlier this month, GM's stock price had fallen to as low as $8.81 a share.
The rise in GM's stock, seems to have been caused by two factors: Bill Gate's entry into the automotive business world through his purchase of 5% of AutoNation Inc, the largest dealership group in the United States; and GM's disclosure that it's global sales totaled 4.5 million vehicles in the first six months of this year, with rapid growth overseas.
Clearly, the rumors of GM's demise, or the suggestion of the need to file bankruptcy is over exaggeration. One has to wonder whether GM's stock has finally hit bottom and is now on the road to recovery.
GM shares nearly double from historic low
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