Ford Motor Co. (NYSE: F) saw its stock hit a 52-week high after Congress announced its rushing to expand the “cash for clunkers” program Friday.
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Ford's shares jumped 61 cents, or 8.3 percent, to close at $8. It has traded as low as $1.01 over the past year.
Ford shares have risen 10 percent this week, following the company's surprise second-quarter profit and a sale of three-year unsecured notes by its financing arm, Ford Motor Credit, according to Associated Press.
Higher demand for new cars sparked by the government-backed trade-in program is boosting July auto sales, and investors believe Ford will gain a fair share of those sales as the company has recently refreshed many vehicles in its product line.
The House of Representatives voted Friday to pump an additional $2 billion into the program that was originally funded at $1 billion, as new car buyers came out in a greater-than-expected numbers.
"I'm happy to report that it has succeeded well beyond our expectations and all expectations, and we're already seeing a dramatic increase in showroom traffic at local car dealers," said President Barack Obama during a Friday speech on the economy.
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