GM stock rises above $33 for first time in 2 years
DETROIT — Shares of General Motors are trading above $33 for the first time in over two years.
The automaker’s stock reached $33.58 Friday morning before pulling back to $33.50, up 3.4 percent, at midday. It’s the first time the stock has risen above GM’s initial public offering price since May 4, 2011. GM sold shares for $33 in a November 2010 IPO.
The shares are up almost 14 percent this year, due largely to strong first-quarter earnings, better prospects in Europe and a rally in U.S. stock markets.
The European automakers association said Friday that registrations rose last month for the first time in 18 months. European Union sales rose 1.7 percent, but GM sales fell 4.5 percent.
GM has lost money in Europe for more than a dozen years.
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