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Whether you are a trader or an investor, you were probably as happy as Tom Cruise's "Joel" character in Risky Business to hear the closing bell today. Things were looking so promising this week that the media was pondering whether the bottom of the market had come and gone. That part remains unknown that feeling of bear market rallies has returned. The good news is that the auto snag did not bring about the massive down day as a recovery came in. The retail sales data came in slightly "less-bad" than expected.

General Motors Corporation (NYSE: GM) and Ford Motor Company (NYSE: F) were the two bogeys today. Their fate lies in the chances of NOT going bankrupt, and the cancellation of the bailout from the Senate was only greeted by less selling than one would expected when you saw 20% drops and worse in early trading. The good news is that this did not destroy most stocks as much as many feared earlier today, with GM even managing some gains by the end of the day.

Here are today's unofficial closing bell levels:

Dow 8,629.68 +64.59 (0.75%)
S&P 500 879.74 +6.15 (0.70%)
Nasdaq 1,540.72 +32.84 (2.18%)

Top Analyst Downgrades
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Closing Bell: Market up, GM up slightly originally appeared on BloggingStocks on Fri, 12 Dec 2008 16:00:00 EST. Please see our terms for use of feeds.

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