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DETROIT (AP) _ As General Motors Corp. and the United Auto Workers returned to the bargaining table Monday, auto shares rose on optimism the two sides were closer to a critical agreement that could take billions in retiree health costs off GM's books. At the plants, workers were less certain as they spent a third day without a contract.
Negotiations resumed around 11 a.m., GM spokesman Tom Wickham said. Negotiators were making progress but still had a lot of work to do, according to a person who was briefed on the talks. The person spoke on condition of anonymity because the talks are private.
GM shares, which rose 15 per cent last week, continued to rise throughout the day Monday, bucking a downward trend in the markets ahead of the U.S. Federal Reserve's Tuesday decision on interest rates. GM shares rose $1.01 cents, or almost three per cent, to close at $35.23.
Ford Motor Co. shares, which rose at a more modest pace last week, also gained after Bear Stearns upgraded Ford and said a deal on health care could be even better news for the No. 2 automaker than for rival GM. Ford shares climbed 25 cents, or three per cent, to close at $8.28.
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