In Today's Update:
1) Stocks rebound sharply after taking significant losses last week. Can stocks continue to climb or will this be a fool's rally? The Dow Jones Industrial Average gained 354.29 or 1.46%, the S&P 500 added to 40.89 or 1.55% while the Nasdaq 100 closed higher by 142.87 or 2.06% and the Russell 2000 finished higher by 17.28 or 1.16%.
2) Crude Oil Futures also bounced trading higher by $1.19 or 2.36% while Gold Futures moved slightly lower as the U.S. dollar continues to climb. The Bond market also traded lower and the yield on the 10-year treasury note settled at 3.062%.
3) General Motors (GM) shocked the markets last night announcing that they plan to halt production at 5 plants in North America, as well as, two plants outside North America. These cuts will eliminate over 14,000 jobs or 15% of its salaried workers. Shares of GM finished the day higher by $1.72 or 4.79%.