The major indices trade at or near session highs. The S&P 500 will
break an eight session losing streak if it manages to end the session
with a gain.
U.S. automakers, which have been hit very hard by the economic turmoil,
are rallying this session. General Motors (GM 6.49, +1.60) is up 33%
and Ford (F 2.51, +0.52) is up 26%. It was reported over the weekend
that GM and privately held Chrysler held merger talks, although the
Wall Street Journal reported that GM's board gave a "cool reception" to
the merger. Despite today's gains, GM and Ford are down 85% and 72%,
respectively, from their 52-week highs.