US MARKET
Wall Street Gains as GMAC Gets Financing
Wall Street staged a big advance in the next to last session of 2008 Tuesday after Washington's latest lifeline to the auto industry bolstered hopes that the government will do whatever is necessary to cut short the recession.
Investors found solace in news that General Motors Corp.'s troubled financing arm received $5 billion of financing.
Wall Street got another disappointing reading about the mood of Americans after the Conference Board reported its Consumer Confidence index dropped to a record low.
Stocks pulled back somewhat after the consumer confidence report was released, but quickly bounded higher. According to preliminary calculations, the Dow Jones industrial average rose 184.46, or 2.17 percent, to 8,668.39.
With many traders away for the holidays, volume is low, which can exaggerate price moves. Advancing issues led decliners by a 4 to 1 basis on the New York Stock Exchange, where volume came to an extremely thin 706.5 million shares.
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