News Today - June 02

NEW YORK - APRIL 25:  A display board of the N...

* Stocks rallied Monday, sending the Dow Jones industrial average near the break-even point for the year. The Dow surged 229 points, or 2.6 percent, according to early tallies. Shares of General Motors closed 8 percent higher after the automaker declared bankruptcy. full story

* J.P. Morgan and AmEx announced unexpected plans to sell stock after the government said large banks must first prove they can raise money from private investors before exiting TARP.

* Chrysler could exit bankruptcy reorganization as soon as Monday. A judge approved the sale of most of Chrysler's assets to alliance partner Fiat.

* US Treasury Secretary Timothy Geithner said Chinese officials are confident in the U.S. economy and the Obama administration’s actions to fight the recession and restore financial stability.

* Air France plane with 228 people on board was presumed to have crashed into the Atlantic Ocean on Monday after hitting heavy turbulence on a flight from Rio de Janeiro to Paris.

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