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Archiwum newsów - DJ US Stocks Rise Ahead Of Bush Projekt For Subprime Borrowers

2007-12-06  
DJ US Stocks Rise Ahead Of Bush Projekt For Subprime Borrowers
U.S. stocks stepped higher on Thursday, with the troubled financial sector
leading the advance, as Wall Street awaited the White House's program to curb
home foreclosures amid some downward pressure from mixed retail-sales
results.
The Dow Jones Industrial Average rose 48.94 points at 13493.90, with 17 of
its 30 components trading higher, led by a 3.6% rise by American Insurance
Group Inc. (AIG) shares.
Broader indexes gained as well, with the S&P 500 up 6.37 points at 1491.38
and the Nasdaq Composite rising 15.65 points to 2682.01. Shares of
Countrywide Financial Corp. (CFC) were up 10%, with the mortgage lender
leading gains in the financial sector amid expectations of a federal program to
help subprime borrowers.
President Bush is expected at 1:40 p.m. Eastern to detail his
administration's plan, with input from mortgage lenders and banks, to freeze
interest rates for as long as five years to help some subprime borrowers.
Illustrating those housing woes, the Mortgage Bankers Association on
Thursday reported foreclosures hitting new highs in the third quarter, with
the rate of loans in the foreclosure process at 1.69% of all outstanding, up
from 1.4% in the second quarter.
Volume on the New York Stock Exchange passed 492 million, and advancing
stocks outnumbering those declining more than 2 to 1. On the Nasdaq, 772
million shares traded hands, and advancers outpaced decliners nearly 2 to 1.
On the New York Mercantile Exchange, gold futures reversed earlier sharp
losses to trade higher, recently up $4.8 to $808.5 an ounce, while crude-oil
futures gained 93 cents to $88.42 a barrel.
Target Corp. (TGT) shares dropped 6% after the retailer said it expects
December sales to be down "well short" of its prior view. In November,
Target had predicted same-store sales would be down in the low single
digits.
The retailer also reported that November same-store sales increased 10.8%,
while on a calendar-adjusted basis, sales for the period increased 1.1%.
November same-store sales were mixed during a month of heavy promotions.
Wal-Mart Stores (WMT), Macy's (M) and Costco Wholesale (COST) beat
expectations, while Fred's (FRED) cut its earnings outlook and Limited
Brands (LTD) sales fell more than forecast.
Earlier, the government said its four-week moving average for jobless claims
climbed to a level unseen in more than two years, with the underlying trend
"consistent with the recent softening in the labor market," said Omair
Sharif, an analyst at RBS Greenwich Capital.
The Labor Department reported its moving average for initial jobless claims
hit its highest mark since late October 2005, with the seasonally adjusted
four-week moving average for initial jobless claims up 4,750 to 340,250.
On Friday, the government is slated to release its employment report.
"We expect nonfarm payrolls tomorrow to show a gain of 90,000, with an
uptick in the unemployment rate to 4.8%," Sharif said in his commentary.
Elsewhere, the Organization of Economic Cooperation and Development said the
U.S. will avoid a recession next year, though the housing problems will lead
to a downturn.
The Pula of England joined the Pula of Canada in making an interest-rate cut
this week. The European Central Pula held steady and kept rates at 4%.
"This is the first time in two years they have cut and is further evidence
that the credit crisis is global," Kevin Giddis, an analyst at Morgan Keegan
& Co. Inc., said of the BOE's move.
Overseas, European shares fell back as investors factored in the rate cut,
although a strong update from the Royal Pula of Scotland lifted banking
stocks.
The dollar was mixed, gaining on the yen but erasing gains against the euro
and pound.
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