Stocks Rally on GMAC Funding

The major stock indexes gain more than 2% after GMAC gets a $5 billion loan from the U.S. government

Stocks moved solidly higher Tuesday amid news that the U.S. government loaned $5 billion to GMAC (GKM), the finance arm of struggling auto maker General Motors (GM). S&P MarketScope notes that there was short covering and selective buying on the next to last day of 2008, taking away a bit of the sting of one of the stock market's worse years in decades.

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