US Auto Sales Rise

Ford Motor Co said on Monday that U.S. auto sales rose 2.3 percent in July, its first year-over-year monthly sales increase since November 2007, supported by the U.S. government "Cash for Clunkers" program.

Ford, whose shares rose as much as 10.75 percent to the highest level since November 2007, said U.S. sales rose to 165,279 vehicles for all of its brands in July, from 161,530 vehicles a year earlier , Reuters reports.

Meanwhile, Cash for Clunkers is close to running out of the $1 billion appropriated by Congress to try to spur auto sales and reduce auto emissions. The House approved an additional $2 billion in funding for the program Friday, but the Senate has yet to act , reports.

However, the automaker’s 7.45 percent bonds due in July 2031 gained 0.63 cent to 75.63 cents on the dollar at 9:54 a.m. in New York, according to Trace, the bond-pricing service of the Financial Industry Regulatory Authority. The yield fell to 10.3 percent , Bloomberg reports.

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