US carmakers rise but US indices fall

Published: 03 July 2013
Shares in US carmaker General Motors rose in early trading after June sales came in well above expectations but closed nearly unchaged as the S&P 500 closed flat due to an afternoon sell off. GM added 0.3 per cent to $34.10, more than 18 per cent higher on the year to date and near its high for 2013.

The company's share price hit a low of $18.80 in July 2012 around the time its European head and marketing chief both stepped down. Since then, the shares have steadily climbed as the company's sales have been boosted by pent-up demand, low interest rates for customers and cheap corporate debt.

Ford also reported strong sales, sending shares up 2.8 per cent to $16.18. The S&P 500 fell 0.1 per cent to 1,614.08, with telecoms and energy leading the major sectors. The Dow Jones Industrial Average fell 0.3 per cent to 14,932.41, with JPMorgan Chase among the best of the blue-chips, up 1.3 per cent to $52.80.

The Nasdaq Composite Index was down fractionally to 3,433.40, helped by Apple , its heaviest weighted stock. The tech group continued its recent strong run, adding 2.1 per cent to $417.94. Apple had been among the most profitable calls of 2012 until it peaked in September. The company remains just over 40 per cent off that high.
- FT


Latest News

Latest Published Reports

Latest jobs