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What Drove Optimism for Mainstream Automakers in September 2017?

PART:
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Part 2
What Drove Optimism for Mainstream Automakers in September 2017? PART 2 OF 8

September 2017: General Motors Saw Highest Gains in 14 Months

GM stock

Last week, which ended September 29, 2017, General Motors (GM) stock settled at $40.38, a 2.4% rise from the previous week’s close. In the previous week, which ended September 22, 2017, the stock rose 5.1%.

September 2017 was the best month for GM stock in the last 14 months. It rose 10.5% last month. As of September 29, it has risen 15.9% year-to-date, which is better than the 12.5% rise for the S&P 500 Index (SPY).

September 2017: General Motors Saw Highest Gains in 14 Months

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In 2016, GM was the largest automaker (IYK) in the country by US sales volumes, coming in ahead of Fiat Chrysler (FCAU), Toyota Motor (TM), and Ford Motor (F).

Optimism continues

In August 2017, GM’s US sales were positive, rising 7.5% YoY (year-over-year). According to August data compiled by Autodata, GM reported a handsome rise of 16.5% YoY in its truck sales. However, its small car sales for the month fell 13.2% YoY.

Strong gains in GM’s August truck sales seem to have raised investors’ expectations for GM’s September US sales. That could be one of the key reasons the stock continued to soar in the final week of September.

Stock trading near all-time high

In the third week of September 2017, GM stock retested a support near $38.50 and then continued its journey upward. As of October 2, 2017, it posted an all-time high of $42.48, which could act as a key resistance level this week. On the downside, no major support level could be seen above $40.60.

In the next part, we’ll see how Ford stock traded last week.

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