GM IPO, Ireland News Sends Stocks Higher

Stocks opened stronger today and didn't look back on optimism related to the GM (NYSE: GM) IPO and news from Europe that Ireland is open to a EU bailout.

The Dow rose 177 points to 11,181, the Nasdaq rose 38 to 1,197, and the S&P 500.

In addition to the GM and Ireland news, a positive Philly Fed report juiced stocks. The index was reported at 22.5, well above the consensus of 5.

Also on the economic front, initial jobless claims for the week ended Nov. 13 came in at 439,000, vs. the consensus of 441,000. Last week's reading of 435,000 was revised to 437,000.

GM had a strong IPO debut, opening at $35 after pricing at $33. The stock failed to gain any traction throughout the trading day and closed at $34.19.

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