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Wall Street mixed on GM rally
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11:46, December 27, 2008

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Wall Street moved mixed Friday, as General Motors rallied after GMAC was allowed to convert into a bank.

The Federal Reserve allowed GMAC Financial Services, the finance arm of struggling GM, to become a bank holding company on Dec. 24 and thus qualify for the U.S. government's 700-billion-U.S.-dollar rescue plan. Both GM and Ford jumped on the news.

The market was also boosted by Amazon.com Inc., after the company sold 6.3 million items on Dec. 15, the busiest day of what the world's largest Internet retailer said was its best holiday shopping season.

Crude oil advanced over 37 dollars a barrel Friday, as bargain hunters came back to the market. Exxon Mobil rose 1.4 percent.

The Dow Jones rose 28.59 to 8,497.07. Broader indexes were traded mixed. The Standard & Poor's 500 index rose 0.71 to 868.86 and the Nasdaq dipped 3.59 to 1,521.31.


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