Top 10 News Items 3/30-4/3: Regulators Reject GM/Chrysler Plans; Unemployment Rate Now at 8.5%; FASB Relaxes Mark-to-Market Rules

April 3, 2009 4:45 PM EDT

Here is a recap of the top news items from this week on Wall Street:

1. Monday, the Obama Administration announced that the viability plans submitted by GM (NYSE: GM) and Chrysler were not sufficient to justify substantial new investment by the taxpayer, however GM was given a 60 day extension for a revised plan, while Chrysler was given a 30 day extension. GM's long-time CEO, Rick Wagoner, was also ousted on Monday. Shares of GM fell more than 45% on Monday and Tuesday on the news. The stock began rebounding on Wednesday when traders found out that GM reclaimed the top spot in regards to sales during last month. Shares have bounced about 10% since the sales numbers were released.

2. The much anticipated jobs report was released Friday.U.S. nonfarm payrolls fell 663,000 in March and the unemployment rate rose from 8.1 to 8.5%, its highest level since 1983. The economy has lost more than 650,000 jobs for four consecutive months. At this level of unemployment, the government's bank stress tests have already been surpassed.

3. The FASB voted Thursday to relax mark-to-market rules, something that has been an extremely heated topic since the turmoil in the financial markets began. The changes will allow banks to use "significant" judgement in valuing assets, instead of market prices. Analysts have said the move could boosts banks net income by 20% or more, although Bank of America's (NYSE: BAC) CEO Ken Lewis said this is too optimistic.

4. Leaders from around the world met in London this week for a special G-20 meeting to discuss the world economy. Here is the joint statement released from the meeting. Most attendees are calling the convention a "success" although tens of thousands of protesters filled the streets of London in order to show their current concerns related to the economy.

5. Research In Motion (Nasdaq: RIMM) rallied more than 20% on Friday following better-than-expected Q4 results and upside Q1 guidance. The stock traded more than 75 million times on Friday, nearly 4x its average daily volume.

6. The IPO for Sohu's (Nasdaq: SOHU) Changyou.com Limited (Nasdaq: CYOU) opened this week, marking the first Nasdaq IPO of '09. After pricing at $16, the stock surged more than 21% this week.

7. Wall Street was surprised this week when US auto sales for March came in better-than-expected. GM saw a 44.7% slide, Toyota (NYSE: TM) saw sales fall 39%, Ford (NYSE: F) recorded a 41% drop and Chrysler posted a 51% slide in units sold. Click here for our full report on the auto sales.

8. More green shoots are sprouting up everyday; several regional banks began paying back their TARP funds this week including: Fifth Third (Nasdaq: FITB), Old National Bancorp (NYSE: ONB), Signature Bank (Nasdaq: SBNY), Bank of Marin (Nasdaq: BMRC) and even Bank of America (NYSE: BAC).

9. Data out Thursday boosted commodities and energy stakes. China's Purchasing Manager's Index rose to 52.4 in March from 49 in February, the China Federation of Logistics and Purchasing reported. A reading above 50 signals expansion. This was the first expansion in China's manufacturing output in six months, spurred by the Chinese government's 4 trillion yuan stimulus package.

10. Thursday, Freddie Mac (NYSE: FRE) reported that a survey showed that the 30-year fixed-rate mortgage averaged 4.78%, down from last week when it averaged 4.85%. This is a new record, dating back to 1971. Yet another "green shoot". Click here for the full report.

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• UBS
• Chrysler LLC
• Nonfarm Payrolls
• Banc of America
• Dividend
• StreetInsider.com Top 10 News Items for the Week
• Layoffs
• Barack Obama

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