Without the help, first from President Bush, then President Obama GM would likely be gone now.
General Motors is rejoining the club, the rarified air of the Standard & Poor's 500.
It's a dose of good news not only for GM's comeback story, but for stockholders who have seen a modest stock price bump from the milestone.
Standard & Poor's announced that GM, which reigned as the biggest company in the index from 1927 to 1958, will be back in after the close of trading on Thursday. The news is sure to buoy the mood at GM's stockholders' meeting the same day. And it will mark another milestone since GM filed for bankruptcy reorganization in 2009 and, as a result, was kicked out of the S&P 500 slot it had held since the index began in 1925.
The Detroit-based global automaker will rejoin at 130 among the 500 companies on the list ranked by the value of their shares available for trading, or float. It replaces Heinz, which is out because of its acquisition by Berkshire Hathaway. Financial services provider American International Group, which, like GM, received government assistance to stay in business during the recession, also will rejoin.
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GM shares closed at $34.96 Tuesday, up 1.6%. In the past year, it has ranged from $18.72 to $35.48.
"The GM team has been working very hard to earn the business of customers around the world and to win the confidence of investors, and rejoining the S&P 500 shows we're very much on track," said GM CEO Dan Akerson in a statement.
GM's return to top continues as it rejoins S&P 500