Wall Street opens higher on GM rally

Wall Street opened modestly higher Friday, as struggling General Motors rallied after its financial arm GMAC was allowed to convert into a bank. The Federal Reserve allowed GMAC Financial Services 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.

Posted: 2008-12-27 07:46:00

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