Ford's Alan Mulally Rallies the Market

Now there's a headline you don't read everyday, and today, Ford Motor (NYSE:F) CEO Alan Mulally is helping the DOW gain back some big losses from yesterday.

Ford CEO Alan Mulally, said his company has enough cash to make it through 2009 and may not need government help. Mulally's comments, in an interview with The Associated Press, came as Ford, General Motors Corp. and Chrysler LLC were scheduled to submit to Congress plans for remaking themselves; lawmakers demanded those plans before considering whether to give the automakers $25 billion in government support.

The DOW is up 3% or 257 points this morning and Ford shares are up 9%, now trading in the $2.80 range.

Yesterday was the one of its worst days since the start of the financial crisis on Monday.

Caution is in the air, Ford Motor Co., the second-biggest U.S. automaker, said its domestic sales fell 31% in November while Toyota Motor Corp. posted a 34% drop.

Ford’s total declined to 123,222 cars and trucks, from 177,485 a year earlier, the Dearborn, Michigan-based company said today in a statement. Toyota’s sales slid to 130,307 from 197,189.

Its deadline day for the Big 3's bailout, here's some thoughts from U.S. Commerce Secretary Carlos Gutierrez: