Markets drive by automakers' sales crash
Tidal waves of red ink at two leading automakers produced only a ripple in North American markets on Friday.
General Motors and Ford reported large losses as third-quarter sales crashed, dropping a combined total of $16.9 billion US, compared with the two companies' 2007 third quarter.
But in New York, the Dow Jones industrial average added 248.10 points or 2.9 per cent to close at 8,943.81.
North American markets this week MarketClose Change Oct. 31-Nov. 7 S&P/TSX composite9,596.21 Down 166.55 DJ industrials8,943.81 Down 393.04 Source: ExchangesAnalysts suggested the gain may have been the result of investors seeking bargains after the weakness of the past weeks.
Ford stock closed up four cents at $2.02 US. General Motors fell 44 cents to $4.36.
In Toronto, the S&P/TSX composite index added 40.80 points to close at 9,596.21.
The oil futures contract was up 27 cents at $61.04 US.
The Canadian dollar rose 0.26 cents to 84.18 US.
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