Update: GM shares rise 3.6% in first day of trading

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General Motors Co. went back on the New York Stock Exchange for the first time since falling into bankruptcy more than a year ago, and its stock gained $1.19 to close at $34.19 a share Thursday.

The solid debut, coming after demand for the shares drove the initial offering price to $33, was a big boost for the Detroit automaker and for the economy in general.

It also provided taxpayers a little more comfort that the nearly $50 billion the government plowed into the company’s rescue will eventually be returned to the public coffers.

The shares traded as high as $35.99 shortly after trading began, then mostly drifted lower the rest of the day.

Wall Street closed broadly higher, helped by GM and by some strong economic data. The Dow Jones industrial average gained 173.35 points, or 1.6%, to 11,181.23.

See earlier post on GM here.