General Motors Co.'s stock surged 2.3% to the highest level since Dec. 10, 2015 in morning trade Thursday, after the auto maker said November U.S. vehicle sales jumped 8% from a year ago, with all four brands showing growth. GM said it estimates that retail market share rose 0.3 percentage points in November to 16.8%, marking the 17th of the past 20 months that market share increased. Of GM's four U.S. brands, Chevrolet sales rose 5%, Buick sales increased 22%, GMC sales improved 9% and Cadillac sales jumped 17%. GM said average transaction prices after incentives rose to $35,767, or more than $4,000 above the industry average. "All economic indicators show significantly improved optimism about the U.S. economy including consumer and business sentiment, which continue to drive a very healthy U.S. auto industry," said Chief Economist Mustafa Mohatarem. "We believe the U.S. auto industry is well-positioned for sales to continue at or near record levels into 2017." The stock has gained 3.9% year to date, while the S&P 500 has climbed 7.6%.
Copyright © 2016 MarketWatch, Inc.