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Rate-Freeze Plan Lifts Stocks

Posted Dec 6, 07 3:29 PM CST in Business 

(Newser) – Stocks leaped again today after the Treasury Department's plan to freeze some mortgage rates eased fears of a recession. Investors also continue to expect that the Fed will cut interest rates on Dec. 11, the Wall Street Journal reports. The Dow was up 174.93 to 13,619.89, the Nasdaq 42.67 to 2,709.03, and the S&P 22.33 to 1,507.34.

"The market is sensing that both the government and the Fed are sufficiently focused on the subprime issue and are taking collective action,'' says a manager. Financial companies—including Countrywide and Fannie Mae—and builders lifted markets the most on expectations of strong bank profits and an easing housing slump.

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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The Countrywide Banking and Home Loans office is seen in Glendale, Calif. in this April 26, 2007 file photo. (AP Photo/Damian Dovarganes, file)   (Associated Press)
Treasury Secretary Henry Paulson, right, looks on as President Bush makes a statement about subprime mortgages, Thursday, Dec. 6, 2007, in the Roosevelt Room of the White House in Washington. (AP Photo/Charles...   (Associated Press)
President Bush, center, flanked Treasury Secretary Henry Paulson, right, and Housing and Urban Development Secretary Alphonso Jackson, makes a statement to reporters about subprime mortgages, Thursday,...   (Associated Press)
Stocks leaped for the second day today.   (Getty Images)
Investors also continue to expect that the Fed will cut interest rates on Dec. 11th.   (Getty Images)
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