Shares of General Electric Co. (GE) soared 6.9% toward a 7-week high in afternoon trade Wednesday, as the bounce off last month's 9 1/2-year low has propelled them into bull-market territory. Since closing Dec. 12 at $6.71, the lowest level since it bottomed at $6.66 on March 5, 2009, the stock has now run up 20.6%. Many on Wall Street define a bull market as a rise of 20% or more off a bear market low. GE shares would have to close above $8.05 to make the new bull market official. GE's last bull market began on Oct. 8, 2018, when it closed ($13.61) 20.8% above its Sept. 25, 2018 closing low of $11.27. That bull market ended on Oct. 30, when it closed 25% below its Oct. 8 peak. Since long-time GE bear analyst Stephen Tusa at J.P. Morgan upgraded the stock Dec. 13, the stock has rallied 12.4% while the Dow Jones Industrial Average has lost 1,223 points, or 5.0%, over the same time.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 02, 2019 13:52 ET (18:52 GMT)
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