new yorkDennis Seid 3/4/09
Stocks jump after
five days of selling
n NEW YORK – Stocks rallied on word of a possible economic stimulus package in China and an Obama administration plan to help struggling U.S. homeowners. A slightly better-than-expected report on the services sector also helped.
The Dow Jones industrial average rose 149.82, or 2.2 percent, to 6,875.84. The Standard amp& Poor’s 500 index added 16.54, or 2.4 percent, to 712.87, while the Nasdaq composite index gained 32.73, or 2.5 percent, to 1,353.74. The Russell 2000 index of smaller companies rose 10.29, or 2.9 percent, to 371.30.
Nissan goes ahead
with plant expansion
n CANTON – Nissan will invest $118 million to retool a Mississippi auto plant to produce a new commercial vehicle – the first production of its kind for Nissan in the United States. Dan Bednarzyk, vice president of manufacturing at Nissan in Canton, said Wednesday that modifications at the plant have begun and production will start in 2010.
Nissan, whose North American headquarters is in Franklin, Tenn., is discontinuing production of the Titan pickup and two sports utility vehicles in Canton to make way for the commercial vehicle. Bednarzyk said the Altima and other cars would continue to be built in Canton.
Ford targets $10B debt
with cash, equity offer
n DEARBORN – Ford Motor Co. said Wednesday it will try to eliminate up to $10.4 billion of its debt by offering debtholders cash and stock as the troubled automaker continues to restructure amid a severe automotive sales downturn.
Ford and its financial arm are putting up $2.2 billion in cash and about 500 million shares of stock to entice holders of bonds and secured-term debt into the swap. The company said reducing the debt will cut the amount it pays in interest and put it in better position to compete with General Motors and Chrysler.