Dow edges upwards as consumer confidence grows

The Reuters/University of Michigan final index of consumer sentiment jumped up to 68.7, which was more than forecast, from 65.1 in April. This reinforces signs the worst of the recession may be abating. In a mixed bag of winners Merck Co is leading the pack, up 1.72% to $27.23, while Citigroup Inc has gained 1.09% to $3.71. However, General Motors is the biggest loser so far, plunging 6.25% to $1.05 as it looks increasingly likely to go into bankruptcy despite bondholders yesterday accepting a deal to swap debt for equity. Bondholders will receive 10% of the business plus the right to...