DETROIT -- General Motors stock today staged a small rally in an otherwise down day on Wall Street. GM stock closed the day at 26.39, up 10 cents or 0.38 percent. About 42.5 million shares traded hands – more than double the average daily volume of 19.1 million shares.
The shares rallied after GM executives said they have no contingent liabilities left over from their trouble former finance unit, GMAC.
The market as a whole had another dismal day – with the Dow Jones Industrial Average dropping 211 points to 12,799.
Just a month ago, GM shares were riding high after the automaker inked its new labor pact with the UAW. On Oct. 12, GM shares reached a three-year high of $43.20. But earlier today, the shares hit a new one-year low of $24.50.
The markets wild fluctuations, combined with concerns over fuel prices, the slowing U.S. economy and the mortgage crisis have caused the companys stock price to bounce. GMs 49 percent ownership of GMAC has been cited as a drag on its stock price. A GMAC unit that finances home mortgages recently reported a huge loss and auto loan defaults are also rising.