GM shares jump after record IPO

Shares in General Motors climbed 3.6% on the first day of trading after the auto manufacturer made a record initial public offering.

  Shares opened at $33 and closed at $34.19 on the New York stock exchange yesterday, hitting a high of $35.60 during the day. Demand from investors allowed the group to raise the share price from the $26 initially planned. The higher pricing on the stock sale raised $20.1bn, which will help the 102-year-old company repay the $50bn bailout it received from the US government last year. Government ownership of the automaker could fall to as little as 33%, from 61%. President Obama says: "American taxpayers are now positioned to recover more than my administration invested in GM, a...