Stocks holding gain at Mid Day
It's not when you buy. It's when you sell!U.S. stocks were off their highs at noon Monday, with General Motors in focus after it announced radical new restructuring steps while Boeing was lifted as new orders for jetliners came to light.
The Dow Jones Industrial Average last was up nearly 16 points at 10,781, after earlier rising more than 30 points. In morning action, the blue-chip baromoter turned positive for 2005, but this status didn’t last as investors pared its gain.
The S&P 500 also lost some momentum, rising just 0.80 point to 1,249.07.
The Nasdaq Composite gave up morning gains and last was down more than 2 points at 2,224.85.
The news that struggling GM is taking steps to come to grips with its troubles reassured investors, but gains were limited by the fact that many market participants were absent ahead of the Thanksgiving holiday.
“The market is really on hold for the moment,” said Michael Metz, chief investment strategist at Oppenheimer & Co. “We’ll probably get a little pre-Thanksgiving rally on Wednesday. But for now we are pausing to regroup.”
