Stock Market Snapshot: June 2, 2009
By Jeffrey Yorke
Updated 6 Hour(s) 53 Minute(s) ago
Stocks continued to gain Tuesday (June 2), but not at nearly the high rate of gains seen Monday. Still, there was some good news for investors, as what used to be known as "the Big Three" automakers -- GM, Ford and Chrysler -- all reported that their May sales were down in double digits but not down as much as they had expected.
Ford believes that its May sales helped it to gain its largest share of the marketplace in three years. All three automakers said they believed that market conditions were improving and that the auto market may be bottoming out.
To make things even better in the world of wheels, Chinese heavy-equipment-maker Sichuan Tengzhong has reached a tentative deal with GM to buy the Hummer brand, a deal that could save 3,000 or more U.S. jobs.
Meanwhile, the Dow Jones Index gained 19.43 points to close at 8,740.87, while the Nasdaq picked up 8.12 to 1,836.80. The S&P 500 rose 1.87 to 944.74 points. Gold gained $3 an ounce to $981.60, and a barrel of oil declined 42 cents to $68.16.
While the market was generally positive, the Radio & Records Index was a sea of red, with 17 issues in negative territory and only seven winners. Topping the gainers chart was Regent with a near penny jump to almost 14 cents a share. Entravision rose 3 cents to 55 cents a share, and Salem picked up a nickel to end the day at 98 cents a share.
Beasley lost 32 cents to $2.37 a share. Fisher lost 96 cents to $11.63, and Entercom dropped 13 cents to end the day at $1.81 a share.