Oil, gas prices defy recession; crude hits $66

Here we are. The market is on the upward move even thou GM filed bankruptcy.
I bought some GM shares this morning. I did not catch the early bus, yet again.
I am happy that the market is up this morning. AIG, FNM, OPC or UUU is not up, kind of disappointing.

OIL is up $ 66 which is great and expected news. I just hope that the price stays around the $ 70 mark for a week. We will see some activates here in Fort McMurray. We need this for our economy.

Got bonus last week, which was a shocker and a significant one. Things are rolling in the right direction.

- NEW YORK (AP) -- General Motors filed for bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.

- NEW YORK (AP) -- Wall Street is starting June with a big gain, boosted by reports that paint a more upbeat picture of the global economy. Investors looked past General Motors Corp.'s bankruptcy filing and instead focused on better-than-expected readings on U.S. manufacturing, consumer spending and construction spending. Stocks got off to a strong start Monday following upswings in Europe and Asia, where markets surged on surveys showing improvements in manufacturing in those regions.

- NEW YORK (AP) -- Delphi Corp. said Monday that it has reached a deal to sell some of its assets to a private-equity firm and emerge from bankruptcy protection. Parnassus Holdings II LLC, an affiliate of Platinum Equity, will operate Delphi's businesses both in the U.S. and abroad with about $3.6 billion in emergence capital and capital commitments.

- ISLAMABAD – Taliban militants armed with rockets, grenades and automatic weapons abducted at least 400 students, staff and relatives driving away from a boy's school in a northwest Pakistani tribal region on Monday, police and a witness said.

- NEW YORK – The Dow Jones industrial average is the latest Wall Street institution to be reshaped by the financial crisis. The stock market's best-known barometer is adding Travelers Cos. and Cisco Systems Inc., replacing Citigroup Inc. and General Motors Corp. The move comes as GM enters bankruptcy protection, a move that was widely expected. Dow Jones said Travelers, the property and casualty insurer and one-time division of Citicorp, would replace its former parent. Cisco, which makes computer networking gear, is filling the role left by GM after 83 years as part of the Dow.