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Updated Wednesday, November 24, 2010 8:17 pm TWN, AP

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General Motors fluctuates at start of first full week on the stock market

DETROIT -- General Motors stock gyrated between positive and negative territory Monday to close at a loss as it started its first full week of trading as a reborn company.

Analysts said the reason is a combination of hedge funds taking profits and other investors jumping in as the price dips, and they expect volatility to last for several more days.

GM stock closed Monday at US$34.08, down 18 cents per share, or 0.5 percent. It dropped as much as 45 cents to US$33.81 in the morning, but it rebounded to a gain and continued to move above and below break-even all day. At one point it hit 22 cents above Friday's close of US$34.26. Volume was around 36 million shares, far below the more than 400 million trades in GM stock on Thursday.

The stock movement comes just two business days after General Motors Co. pulled off an IPO worth US$15.8 billion, signaling the surprising resurrection of an American corporate icon that collapsed into bankruptcy protection and was rescued with a US$50 billion bailout from U.S. taxpayers.

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