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General Motors IPO first day prices end higher than stock offering

General Motors shares went on sale on the New York Stock Exchange once again yesterday. The stock offering price was $33 but once it hit the market prices opened at $35.20.


Typical for an initial public offering, the shares inclined fairly quickly and reached a high of $35.85 at around 10:45am yesterday. They then dropped down to $34.19 by the day's close. Although the close price is lower than the opening, it's still regarded as a positive result as the current share price is still higher than the stock offer price of $33.

Over $452 million worth of shares traded hands in the IPO yesterday. This huge interest and demand has put President Obama in a state of reassurance towards GM, with administration officials saying the strong sales represented that it was a good move to pull the company out of bankruptcy in the first place.

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