Wall Street showed further signs of stability today, rebounding from an early sell-off to end higher, after the US government said it would assist troubled US carmakers.

The Bush administration said today it was ready to step in and prevent the US car industry from collapsing after the Senate refused to pass a rescue bill endorsed by President George Bush and congressional Democrats.

A deal with the US Congress to help America’s failing car industry will “very likely” be reached, the White House said today.

A bail-out vote for the US car industry has been put off until next month, officials in Congress said today.

Wall Street closed mixed today after weakness in the technology sector punctured some of the market’s enthusiasm over a report that suggested the economy could still be growing.

Stocks rose soundly today following word that some of the problems dogging big companies like General Motors Corp. and Bear Stearns Cos. could be on the mend.

US stocks rose sharply today, led by strong gains among the blue chips and mortgage lender Countrywide Financial Corp., which said it had lined up added financing.

US stocks fell moderately today as investors found little reason to extend a year-end buying spree.

General Motors, pounded by declining sales and rising health care costs, said it would cut more than a quarter of its North American manufacturing jobs and close 12 facilities by 2008.

General Motors will cut 30,000 jobs and close nine North American assembly, stamping and powertrain plants by 2008 as part of an effort to get production in line with demand and position the world’s biggest carmaker to start making money again after absorbing nearly €3.4bn in losses so far this year.

Stocks surged higher today after new data soothed inflation concerns and the price of oil tumbled to its lowest level in five months. The advance carried the Nasdaq composite index to a new 52-week high.

US stocks closed an erratic session mixed today as General Motors Corp. hit an 18-year low, dragging down the Dow Jones industrial average. Rising oil prices also dulled investor enthusiasm.

Stocks fluctuated before closing modestly higher today as oil prices neared $66 a barrel despite lower-than-expected damage estimates from Hurricane Rita.

Wall Street slipped lower but still held on to most of its recent gains today as investors, their confidence in the economy growing, reacted calmly to oil prices that approached US$60 (€49.36) per barrel.

The major stock indexes struck fresh lows for the year today as a cautious forecast from Apple Computer unsettled investors, who are growing uneasy about the US economy despite signs of continued improvement in the labour market.

LET me tell you what it was like when life was exciting, when things were going on that made the chest pound at the mere sight of them.