Proceedings begin for Chrysler in bankruptcy court. Company lawyers stated that their objective is to “move quickly.” In addition to asking to protect employee wages, which total about $60 million, and to maintain operations at its facilities, Chrysler sought to keep warranties in place, so that prospective customers can still safely buy Chrysler and Jeep products. The Institute for Supply Management released a national report on April manufacturing activity in the U.S., the PMI index. The index was still at the 40.1 “contraction” level—any level below 50. However, manufacturing, although continuing on a long 15-month streak of declining activity, contracted less in April than it did in March. (March PMI index was 36.3) Also, a bright spot was in new manufacturing orders. New Orders index reached a 47.2 level in April, from 42 point level in March. On the news of picked-up manufacturing activity, the price of oil has risen about 5%. Some analysts are chiding the traders who are jumping every time economic statistics come in slightly better than the month before, while the “fundamentals of the market” remain poor. Also bullish are the news about Chinese manufacturing. For the second month the Purchasing Manager’s Index (a measure of manufacturing activity) has been expanding, registering levels above 50. Analysts are attributing this to the Chinese stimulus working. By the way, manufacturing accounts for 40% of Chinese economy.