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This is the situation at 11.22 p.m (IST) U.S. stocks gained, on prospects that lawmakers will reach a bipartisan agreement to rescue the auto industry. General Motors Corp. rallied 15 percent, reversing a 39 percent slide that sent the largest U.S. carmaker to its lowest price since 1938, after an aide to Democratic Senator Carl Levin said an agreement has been reached. Ford Motor Co. jumped 29 percent for its steepest advance since at least 1980.
The S&P 500 rose 2.02 points, or 0.3 percent, to 808.6 at 12:40 p.m. in New York, after earlier tumbling as much as 3.7 percent. The Dow Jones Industrial Average added 67.46 points, or 0.8 percent, to 8064.74.