GM hits 52-week high on U.S. plan to sell stake

SAN FRANCISCO (MarketWatch) -- General Motors Co. shares surged as much as 8% at the open Wednesday to $27.74, a 52-week high, after the U.S. Treasury Department said it intends to sell its remaining stake in the car maker perhaps as early as next month. The federal government pumped $49.5 billion into a bankrupt GM in 2009 as part of a sweeping bailout of the struggling U.S. auto industry. General Motors plans to buy 200 million shares at $27.50 before the end of the year, leaving the Treasury to sell its remaining 300 million shares as soon as it deems market conditions are favorable. GM shares were last up 6.8% at $27.18. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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