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GM stock rises above $33 for first time in 2 years

May 17, 2013 • National News


FILE – In this Jan. 12, 2009 file photo, the General Motors logo is seen on display at the North American International Auto Show in Detroit. Shares of General Motors reached an important milestone on Friday, May 17, 2013, topping their initial public offering price of $33 for the first time in more than two years. (AP Photo/Paul Sancya, File)

DETROIT (AP) — Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years.

GM shares reached $33.77 Friday before slipping back to close at $33.42, up 3.2 percent. The auto giant sold shares to the public for $33 in a November 2010 IPO, but they’ve traded below that price since May 4, 2011.

GM’s business is getting stronger. Two weeks ago, GM reported solid first-quarter earnings on robust sales in North America. On Friday, there were signs sales declines may have bottomed in Europe — where GM has lost money for more than a dozen years.

Shares of all automakers traded in the U.S. show double-digit gains this year. GM and Ford are benefiting Login to read more

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