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Equities stumbled in New York Tuesday afternoon, surrounding their morning gains and briefly turning negative before positive momentum built up in the final hour of trading to lock in a snapback rally.

Automakers were in focus virtually from the outset, after Ford Motor (nyse: F - news - people ) revealed the viability plan it sent to Congress. According to the plan, Ford believes it can be profitable by 2011, and is only requesting a $9.0 billion emergency credit facility as hedge against prolonged pressure on the economy and U.S. consumers. Ford's survival roadmap helped set off a rally, but the gains were thwarted when figures on domestic auto sales began to trickle out.

Ford said its November sales dropped 30.6% year-over-year, while General Motors (nyse: GM - news - people ) recorded a 41.3% drop and Chrysler said sales fell 30.0%. The automakers have cited the lack of credit available to consumers for auto loans as one reason for the pain in the industry, and the impact was not felt only by Detroit's carmakers. Sharp declines in U.S. sales were also reported by Japanese automakers Toyota Motor (nyse: TM - news - people ) and Honda Motor (nyse: HMC - news - people ), which said sales fell 33.9% and 31.6%, respectively.

The afternoon fade was canceled out in the final hour of trading though, as stocks returned to their best levels of the day before the closing bell. The Dow Jones industrial average finished with a gain of 270 points, or 3.3%, to 8,419; the S&P 500 added 33 points, or 4.0%, to 849; and the Nasdaq was up 52 points, or 3.7%, to 1,450.

Late in the session, Ford was up 6.3%; American depositary receipts of Toyota 5.9%; and Honda ADRs 3.5%. GM, which perked up to a gain of 4.1% just before the close, is said to be requesting $12.0 billion from Congress, according to TradeTheNews.com. (See "What GM Will Look Like, If It Survives.")

General Electric (nyse: GE - news - people ) was the biggest winner among the blue chips, despite warning that fourth-quarter profits will come in at the low end of its forecast due to restructuring charges associated with the downsizing of GE Capital. Investors brushed aside the news to focus on GE's decision to maintain its healthy 31 cent per share dividend, which yields more than 7.0%. GE shares were up 14.3% heading toward the close. (See "First Aid For GE's Financial Arm.")

Crude oil settled at $46.96 a barrel Tuesday, losing $2.32, as worry over an extended U.S. recession combined with a skeptical view toward OPEC's ability to drive prices higher.