Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, November 12, 2008
(UNDATED) - Nothing has been formally announced on bailing out the auto industry in Washington so far.
However, investors on Wall Street are banking on a bailout being near. Some analysts say a bailout may come as early as next week.
Right now, the auto sector is one of the few areas on the stock market moving in the right direction as the rest of the market is down about 3% so far today.
GM stock is up 7% to just over $3, and Ford stock is up 5% to almost $2. This is good news the auto industry really needs, especially here in Bedford.
Earlier this week, General Motors announced 1,900 jobs would be cut primarily from the company's stamping and powertrain operations early next year.
No word on whether the Bedford Powertrain plant will be affected specifically or not.
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