US markets end higher

CNBC's Mike Huckman - General Motors (GM) got the stock markets, motor running after Ford posted dismal sales in June. Investors assume that GM is going to offer more the same and might will get overtaken by Toyota the top selling brand in the US, not only did that not happen but GM reported much smaller than expected sales decline of about 8%, the automaker had a big three-day end of month sales that helped these numbers. GM stock which has been trading at half century lows spike more than 7% on the news but it finished just 2% higher with a 25% swing from its high to its low on the day.

Still the news turned around investor sentiment and the markets ended up closing higher the Dow finishing up 32 points, the S&P 500 closing 5 points higher and the Nasdaq adding 12 points. Ford stocks moved up on a stronger than expected widely followed report from the Institution for Supply Management (ISM) and it showed that the manufacturing sector actually grew in June for the first time in about 6 months but then the market sank. The Dow falling as much as 150 points as oil hit another new high over ongoing worries about supply and tensions in the Middle East. Crude closed around USD 141/bbl after trading over a USD 143/bbl intra-day.

Wall Street Action

GM June sales better than expected, boosts investor sentiment
GM stock surges 7%, closed up 2% with 25% swing from high to lows
Dow closed up 32 points, Nasdaq up 12 and S&P 500 up 5 pts
Mkts rose after ISM data showed mfg growth in June for 1st time in last 6 months
Later Dow fell about 150 pts on crude concerns, supply tension in west Asia
Crude above $141/bbl, hits intra-day high of $143