DOW JONES 8,419.09 +270

Published on Tuesday 2 December 2008 20:49

BUYERS returned to Wall Street last night, sending stocks higher in a session that was marked by indecision even as the Dow Jones industrials closed up 270 points. News from Ford and General Electric calmed the market a day after a massive decline.

Investors wary about the economy drew solace from Ford chief executive Alan Mulally, who said the carmaker has enough cash to make it through 2009 and might not need government help. Rival General Motors – which posted a 41 per cent slide in November car sales – said late in the day that it needs $12 billion in government loans to continue operating; the news briefly shook the market, but stocks rebounded before the close.

The Dow Jones industrial average was up 270 points, or 3.31 per cent, at 8,419.09 while the Standard & Poor's 500 index rose 32.6 points, or 3.99 per cent, at 848.81. The Nasdaq Composite index was up 51.73 points, or 3.7 per cent, at 1,449.80.