Goverment Invests $5 Billion In GMAC, Markets Soar

Investors brushed aside record low consumer confidence to focus instead on news that the federal government will invest $5 billion in General Motors' financial unit.  The Dow leaped 184 points to close at 8668 while Nasdaq jumped 40 points to 1551.

On the upside

Billionaire Mark Cuban purchased a 9.4% stake in Carmike Cinemas (Nasdaq: CKEC).

Wells Fargo (NYSE: WFC) announced the elimination of 53 positions due to the company's upcoming merger with Wachovia (NYSE: WB).

AirMedia Group (Nasdaq: AMCN) will repurchase up to $50 million worth of American Depositary shares.

Bargain hunters snapped up shares of JA Solar Holdings (Nasdaq: JASO), whose stock price has tumbled over the last few months. 

On the downside

Motley Fool listed Raser Technologies (NYSE: RZ) as a losing stock citing an analyst's comments that the company has only a website presence with no product.

Lindsay (NYSE: LNN) announced last week that demand for irrigation systems is slowing due to falling crop prices and the sluggish economy.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks surged 16 points to 483.