S&P, Nasdaq up as GM's stock soars

1/07/2008 - 19:44

NEW YORK (Reuters) - Stocks cut losses on Tuesday, with both the S&P and the Nasdaq <.IXIC> turned positive after General Motors Corp reported stronger-than-expected June sales, helping temper worries about the impact of high fuel prices on corporate earnings.

GM's stock jumped 8.1 percent to $12.43.

The Dow Jones industrial average <.DJI> was down 4.88 points, or 0.04 percent, at 11,344.97. The Standard & Poor's 500 Index <.SPX> was up 0.80 of a point, or 0.06 percent, at 1,280.80. The Nasdaq Composite Index <.IXIC> was up 1.51 points, or 0.07 percent, at 2,294.49.

(Reporting by Walker Simon)

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