Dow rises as Greenspan predicts bottom in home prices
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The threat of dilution seemed to weigh on the markets today, as seemingly every big bank planning to sell shares in order to raise capital and Ford announced a plan to sell up to 300 million shares to help keep a medical trust for union employees afloat. Those worries kept stocks lower through the early afternoon, when former Federal Reserve Chairman Alan Greenspan's comments that a bottom could be near for home prices pushed the Dow Jones Industrial Average back into positive territory.
At the closing bell, the DJIA rose 50 points, or 0.6 percent, to 8,469
. General Motors (GM
) was the index's biggest loser, posting a decline of more than 20 percent after yesterday's statements by CEO Fritz Henderson that bankruptcy was "more likely" for the automaker.
For more on stocks making moves, be sure to check out BloggingStocks' market wrap-up