Stocks rebounded from Monday's steep losses in a volatile session Tuesday as investors welcomed signs that the U.S. auto industry may be rescued by the government. The automakers released dismal monthly sales results and also submitted their rescue plans to Congress. After having been rejected by lawmakers last month, the automakers are again seeking access to billions of dollars of taxpayer money. General Motors (GM), Ford, and Chrysler all reported big declines in November U.S. sales. GM sales fell 41 percent, Chrysler sales fell 47 percent, and Ford, Toyota, and Honda all reported sales declines of at least 30 percent. Ford was the first to unveil its turnaround plan, saying its chief executive will take a salary of $1 for next year and that it will sell its corporate jets. GM's chief also will take a $1 salary next year. Light sweet crude oil for January delivery fell $2.32 to $46.96 a barrel on the New York Mercantile Exchange. It was the lowest closing price in three-and-a-half years. The U.S. dollar gained against the yen and fell against the euro. The Dow Jones industrial average rose 270.00, or 3.3 percent, to 8,419.09. General Electric (GE) said fourth-quarter profits will be at the low end of its previous forecast due to the impact o the financial crisis. However, the conglomerate said it will keep its dividend and work to maintain its high credit rating, which keeps its borrowing costs lower than most U.S. companies. GE shares rose 13 percent. Shares of 3M fell 2.4 percent after a brokerage downgraded the stock and reduced its 2009 earnings forecast. The broader Standard & Poor's 500 index rose 32.60, or 4 percent, to 848.81. The technology-heavy Nasdaq composite index rose 51.73, or 3.7 percent, to 1,449.80. The New York Stock Exchange composite index rose 216.29 to 5,308.95. The American Stock Exchange composite index rose 41.61 to 1,270.126. And the Russell 2000 index rose 24.75 to 441.82.
