Talk That Car Industry Will Get Bailout (GM)(F)

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Word from Washington is that a bailout agreement has been reach among the various factions in Congress.

There will no details on the arrangement until a news conference later this afternoon

According to MarketWatch:  "A small bipartisan group of lawmakers have reached a deal to buoy the struggling U.S. automobile industry, finding common ground after two furious days of lobbying on Capitol Hill by the battered Big Three automakers."

GM (GM) is up 9% to $3.05 on the news. Ford (F) is up 10% to $1.41.

Douglas A. McIntyre