GM filed for bankruptcy and yet expect stunning opening at US stock market

GFT on Monday forecast a "stunning opening" for the first trading day of summer, expecting the Dow Jones industrial average will open up 120 points while the S&P 500 opens up 15 points. "We saw a positive PMI number from China overnight which has given traders further confidence in the recovery story," the firm wrote. "It feels like the driver today is fear amongst fund managers that they are missing the rally.

General Motors filed for Chapter 11 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.