PROFITS: A Most Robust Rebound

What was good for General Motors last week really was good for the country. The auto giant reported first-quarter profits of $800 million, v. $59 million a year earlier—when the auto industry and the whole economy were floundering at the bottom of the nation's worst postwar recession. Although few if any companies matched that 1,200% leap, GM's dazzling performance highlights a happy trend: corporate profits have already rebounded from the slump to near-record levels. Most estimates are that the first-quarter profits of all the nation's companies rose a total 40% to 50%...

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