Monday, June 1, 2009 4:11 pm
GM will shed 20,000 jobs in bankruptcy, closing seven plants in Michigan and in states east of the Mississippi River. Kentucky’s Corvette plant will not be one of them. The stock market today took the news of GM’s bankruptcy in its usual incomprehensible fashion. It rose over 200 points to almost wipe out the losses from the beginning of 2009. Oil is up. The dollar is down and manufacturing, while down, is not down as much as predicted. GM and Citigroup were booted off the Dow – which will make the Dow look a lot better without those losers pulling down the industrial average. CNN Money
As usual, Wall Street reacts counterintuitively to Main Street. Bad news for American workers means good news for American traders.
Go figure