Stocks were mostly weak on higher bond yields and worries about further interest rate hikes. The Dow recovered in early morning, supported by gains in major stocks. General Motors stood out among gainers with an advance of 1.7%. GM freezes pension benefits of employees hired after Jan 1, 2001. This will reduce pension liability by $1.6 billion and 2007 pretax expenses by $420 million. The index was also helped by Honeywell International which rose 1.5% and Procter & Gamble, up about 1.2%.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites.
Market data: BATS Exchange. Inc.
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